Reference no: EM132864568
On May 1, 2019, Orlan Company purchased a short-term $2,000,000 face value, 9% debt instruments for $1,860,000 including the accrued interest and classified it as a trading security. The debt instruments mature on January 1, 2022, and pay interest semi-annually on January 1 and July 1. On December 31, 2019, the fair market value of the instruments is 98%. On March 2, 2020, Orlan Company sold the trading security for $1,980,000.
Problem a. How much must Orlan Company report for short-term debt securities on December 31, 2019?
Problem b. How much will be recognized as gain (loss) on sale of trading security on 2020 income statement?
Problem c. What amount will be recognized as income on the 2019 income statement?
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