Cairo Inc. owns a bond that is accounted for using the cost/amortized cost model. At the reporting period's end, the carrying value of the bond is $960,000. Management believes that the fair market value of the bond is $980,000. What would the entry be for the gain/loss on the bond?

Answer rating: 100% (QA)

1 Cairo Inc owns a bond accounted for using the costamortized cost model This means the bond i... View the full answer