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Question - Turny Co. acquired $6,000,000 12% bonds with 10% effective rate on January 1, 2009 for $6,400,000 plus transaction costs of $54,894.41 to be held as financial assets at fair value through other comprehensive income or FVTOCI. The bonds pay interest annually on Dec. 31 and mature on Jan. 1, 2014. Below are the fair value of the bond each year: December 31, 2009: 98; December 31, 2010: 97; December 31, 2011: 103; December 31, 2012: 101
Required -
a) What is the balance of the UGL-OCI-Equity account as of December 31, 2010? Is it a debit or credit balance?
b) Look for the unrealized gain or loss reported in the 2011 statement of comprehensive income related to the investment. Is it a debit or credit balance?
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