Reference no: EM133008108
Question - Heidebrecht Design acquired $6,000,000 12% bonds with 10% effective rate on January 1, 2009 for $6,400,000 plus transaction costs of $180,995.50 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
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 carrying value of IIB-FVTOCI as of December 31, 2011.
c) What is the interest income is recognized in 2009?
d) 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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