Question: Please help with excel formula, please. I will upvote. Need answers for: -2024 Gain (loss) on investment (Unrealized) -2024 Reclassification adjustment (OCI) -2024 Other Comprehensive
Bruce Company purchased $2,000,000 of Clarence, Incorporated, 4.0% bonds at par on July 1,2023, with interest paid semi-annually. Bruce determined that it should account for the bonds as an available-for-sale investment. At December 31, 2023 , the Clarence bonds had a fair value of $2,300,000. Bruce sold the Clarence bonds on July 1,2024 for $1,950,000. \begin{tabular}{|l|r|} \hline Face amount of bond & $2,000,000 \\ \hline Stated (and market) rate & 4.0% \\ \hline December 31,2023 fair value of bonds & $2,300,000 \\ \hline Selling price of bonds, July 1,2024 & $1,950,000 \\ \hline \end{tabular} Complete the following tables to show the effect of the Clarence bonds on Bruce's net income, other comprehensive income, and comprehensive income for 2023, 2024, and cumulatively over the two-year period. FORMULAS FOR LOSSES MUST RETURN NEGATIVE VALUES
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
