On December 31, 2021, Kona purchased debt securities as trading securities. Pertinent data are as follows: Fair
Fantastic news! We've Found the answer you've been seeking!
Question:
On December 31, 2021, Kona purchased debt securities as trading securities. Pertinent data are as follows:\ Fair Value\ Security Cost At 12/31/22\ A $225,000 $215,000\ B 200,000 210,000\ C 230,000 210,000\ On December 31, 2022, Kona transferred its investment in security C from trading to available for sale\ because Kona intends to retain security C as a long term investment.
What total amount of gain or loss on\ its securities should be included in Kona's income statement for the year ended December 31, 2022?
Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Posted Date: