Reference no: EM132869068
Question - On April 2020, Kettle Co. pays $210,000 for an investment in debt securities which it classifies as "available-for-sale" (AFS). Its fiscal period is the calendar year, and it uses U.S. GAAP. By December 31, 2020, the fair value of the investment had risen to $240,000, and the company made the appropriate adjusting journal entry on that date.
On December 31, 2021, the present value of expected future cash flows from its investment had descended to $145,000 (reflecting a credit loss), and the fair value of its investment had gone down to $140,000 (caused by a rise in market interest rates). Kettle Co. intends to hold its investment and not to sell it before the loss is recovered. The company made the appropriate adjusting journal entry on that date.
Required - Show the adjusting journal entries which kettle Co. Should make on December 31, 2020 and on December 31, 2021 for its investment. Please date the entries, and indicate which of the accounts debited or credited got to OCI or to net income.
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