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Question - In 2012, ABC Corp. bought the mortgages on two properties. The company receives monthly payments that include principal and interest. One mortgage will be repaid in full in 14 years and the other in 18 years. ABC Corp. bought the mortgages with the intention of selling them at a profit when the financial conditions improve. However, both mortgagees are struggling financially, and the underlying value of the properties has declined. In December 2014, ABC Corp had the value of the mortgages appraised, and the appraisal showed a $38,500 impairment on both of the mortgages. Interest and principal have been properly recorded for this investment.ABC Corp. had an option to buy the mortgage on a third property. It had paid $5,000 for this option three years ago. The option expired in 2014.
The Trial Balance has the following account Balances:
Investment in mortgage option (at FVOCI) Debit 5,000
Investment in mortgages (at FVOCI) Debit 512,000
Mortgage interest income Credit 57,980
Required - What are the required journal entries for 2014.
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