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What was the unrealized gain that hbc reported in profit

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Problem 1: On January 1, 20X1, Humungous Bank Corp. (HBC) issued (sold) $ 1,000,000 of 10-year bonds that pay 4% interest semi-annually on une 30 and December 31. The market rate of interest at time of ssuance was 5%. Transaction costs directly related to the issuance of these bonds totalled $10,000, paid in cash. HBC classified this iability at fair value through profit or loss (FVPL). On December 31, 20X1, HBC's year end, the market value of the bonds was $940,000. What was the unrealized gain that HBC reported in profit or loss on ts statement of comprehensive income for the year ended December 31, 20X1?

Reference no: EM132838270

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