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Bloom had recorded a temporary unrealized loss

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Reference no: EM13996100

Assume all of the same facts and scenarios as E12-24, except that Bloom Corporation classifies their Taylor investment as AFS.

Required:

1. For each of the scenarios shown in E12-24, prepare the appropriate entry(s) at December 31, 2011. Indicate how the scenario will affect the 2011 income statement, OCI, and comprehensive income.

2. Repeat requirement 1, but now assume that, at the end of 2010, Bloom had recorded a temporary unrealized loss (not an OTT impairment) of $100,000 on the Taylor investment.

Reference no: EM13996100

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