Reference no: EM132504614
Palmon Industries owns an investment that experienced a decline during 2015 that has been judged to be "other than temporary." The investment is held in Palmon's available-for-sale debt portfolio, and Palmon expects to sell the security before recovery of its amortized cost basis less current-period credit loss. It was purchased in March 2014 at a cost of $460,000. At the end of 2014, the fair value of the investment was $520,000 and its amortized cost basis was $454,000. At the end of 2015, the fair value of the investment is $410,000 and its amortized cost is $448,000.
Question 1: What amount of loss will Palmon Industries report on its income statement for the year ending December 31, 2015 related to this investment?
A. An unrealized loss $110,000
B. An unrealized loss of $38,000
C. An unrealized loss of $44,000
D. An unrealized loss of $50,000
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