George Inc. owns bonds that are accounted for under the fair value through net income model....

 

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George Inc. owns bonds that are accounted for under the fair value through net income model. On December 31, value of $124,365. The fair value at that date is $123,000. The entry to record the year-end adjustment is: Investment Income or Loss 1,365 FV-NI Investments 1,365 Unrealized Gain or Loss - OCI 1,365 FV-NI Investments 1,365 FV-NI Investments 1,365 Investment Income or Lss 1,365 No adjustment is required. George Inc. owns bonds that are accounted for under the fair value through net income model. On December 31, value of $124,365. The fair value at that date is $123,000. The entry to record the year-end adjustment is: Investment Income or Loss 1,365 FV-NI Investments 1,365 Unrealized Gain or Loss - OCI 1,365 FV-NI Investments 1,365 FV-NI Investments 1,365 Investment Income or Lss 1,365 No adjustment is required.