Reference no: EM132462792
1. At December 31, Hull Corp. had the following debt securities that were purchased during the year, its first year of operations:
In Current Assets: Cost Fair value Unrealized gain (loss)
Security A $ 90,000 $ 60,000 $(30,000)
Security B 15,000 20,000 5,000
Totals $105,000 $ 80,000 $(25,000)
In Noncurrent Assets:
Security Y $ 70,000 $ 80,000 $ 10,000
Security Z 90,000 45,000 (45,000)
Totals $160,000 $125,000 $(35,000)
Question 1: All changes in fair value are considered temporary. Security A is a trading security, and the other securities are available-for-sale securities. What amounts should be charged to earnings and other comprehensive income at December 31?
Earnings Other Comprehensive Income
a. $(60,000) $0
b. $(30,000) $(30,000)
c. $(25,000) $(30,000)
d. $(25,000) $0
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