If Ziggy Company concluded that an investment originally classified as held to maturity would now more appropriately
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Question:
If Ziggy Company concluded that an investment originally classified as held to maturity would now more appropriately be classified as available for sale, Ziggy would
A. reclassify the investment as available for sale and immediately recognize in net income any unrealized gain or loss on the reclassification date.
B. reclassify the investment as available for sale and immediately recognize in accumulated other comprehensive income any unrealized gain or loss on the reclassification date.
C. need to restate earnings, as the original classification was in error.
D. not reclassifies the investment, as original classifications are irrevocable
Related Book For
Fundamental Managerial Accounting Concepts
ISBN: 978-0078110894
6th Edition
Authors: Edmonds, Tsay, olds
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