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Point 1: Clarity Corp. has changed its business model. As a result, a $2,150,000 investment in 4.5% bonds classified as fair value through other comprehensive income (FVOCI) must be reclassified as fair value through profit or loss (FVPL). The market rate at the time of the investment for similar bonds was 3.5%. The bonds have two years left until maturity, and they pay interest semi-annually. The fair value of the bonds is $2,200,000.
Point 2: Clarity also sold a separate equity investment that was irrevocably elected to be classified as FVOCI. The fair value of the investment at the time of sale was $708,000. At the time of the sale, the investment was carried in the statement of financial position at $685,000. Prior to any adjustments to account for the sale of this investment, the balance in the accumulated other comprehensive income (AOCI) account pertaining to the investment was $14,000 debit. Clarity's accounting policy is to transfer the net amount of AOCI to retained earnings on derecognition of the investment.
Question 1: By what net amount will the AOCI account change for Clarity as a result of these two events?
a) $183 DR
b) $8,817 DR
c) $17,817 DR
d) $9,000 CR
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