Reference no: EM132547726
Question - On January 1, 20X5, Hillside Inc., which reports its financial statements in accordance with IFRS, bought $3,750,000 of five-year, 8%, Straight Arrow bonds. The bonds pay interest annually on December 31. When Hillside bought the bonds, the market rate of interest was 7% and the company classified the bond investment as FVOCI upon inception.
Market value information on the bonds:
Date - Market value
December 31, 20X5 - $3,900,000
December 31, 20X6 - 3,800,000
December 31, 20X7 - 3,850,000
December 31, 20X8 - 3,650,000
December 31, 20X9 - 3,750,000
Required - What is the balance in the AOCI account that is associated with these bonds at December 31, 20X6?
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