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What is the balance of the UGL-OCI-Equity account

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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 $454,894.41 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.

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?

Reference no: EM133014499

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