Gline Tech Inc. bought debt securities for $50,000 on January 1, year 1 which it classified and accounted for as available for sale securities. At the end of the year 1, fair value of securities was $170,000. On February 1, year 2, when the fair value of securities was $180,000, management decided to reclassify the investment as held for trading. 

What would be the net effect to the statement of other comprehensive income for year 2, when the fair value of investment at the end of year 2 was $150,000?

Answer rating: 100% (QA)

The net effect on the statement of other comprehensive income OCI for year 2 would depend on how the ... View the full answer