Reference no: EM132629778
Question - Novi purchased ABC bonds on 1/1/23. Data regarding these available-for-sale securities follow:
Cost MV
December 31, 2023 $150,000 $130,000
December 31, 2024 150,000 161,000
December 31, 2025 150,000 155,000
On 1/1/26, Novi sold $40,000 (cost) of the securities for $39,900. Market Value of the remaining securities at 12/31/26 was $112,000.
Proper accounting for investments and the related Adjusting Journal Entries will have what net effect on 2026 Comprehensive Income?
a. $2,000
b. $7,100
c. $3,000
d. $3,100
e. $2,900
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