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LED Corporation owns $1,000,000 of Branch Pharmaceuticals bonds and classifies its investment as securities available-for-sale. The market price of Branch's bonds fell by $450,000, due to concerns about one of the company's principal drugs. The concerns were justified when the FDA banned the drug. $100,000 of that decline in value already had been included in OCI as a temporary unrealized loss in a prior period. LED views $200,000 of the $450,000 loss as related to credit losses, and the other $250,000 as noncredit losses. LED does not plan to sell the investment and does not think it is more likely than not that it will have to sell the investment before fair value recovers. What journal entries should LED record to account for the decline in market value in the current period? How should the decline affect net income and comprehensive income?
Janes's Auto World has a policy of placing an order for 27 of the most popular model whenever inventory reaches 20. Lead time on delivery is two weeks, and 25 automobiles are currently on hand. Simulate 15 weeks's worth of sales using the followin..
on september 17 2013 ziltech inc. entered into an agreement to sell one of its divisions that qualifies as a component
The Securities and Exchange Commission (SEC) regulates public companies. The SEC has found that some of these companies have violated GAAP by using creative accounting practices to mislead investors and creditors regarding the health of their comp..
why is cvp analysis generally used as a short-run tool? would cvp ever be appropriate as a long-run model? explain why
plummet corporation reported the book value of its net assets at 400000 when zenith corporation acquired 100 percent
spoiled baby corp spc sells baby buggies. you are the company accountant and have been faced with several decisions
Considering the 30 winners as a sample from all of the persons filling out such cards, is this a probability sample or a nonprobability sample? What specific type of probability or nonprobability sample does this procedure represent?
Prior to process of liquidation, Matt, Nicole, and Otis have balances of 70,000, 20,000, and 30,000. Cash Balance of 10,000,noncash assets total 160,000, and liabilities total 50,000.
A surface that costs $10.5 per square yard to install. This surface has a probable useful life of 10 years and will require annual maintenance in each year except the last year, at an estimated cost of 9 cents per square yard
What is the goal of conducting a systems review? What factors need to be considered during systems review?
during the month lathers co. received 473550 in cash and paid out 399700 in cash.if the balance of the cash account is
ethical code in cost amp management accountingcima has provided the following as elements of code of conduct to be
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