Knowledge Check 01 On December 1, Year 1, Childe Company purchased $100,000...
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Knowledge Check On December Year Childe Company purchased $ of bonds issued by Paperman Company at face value. The bonds mature in ten years. Childes intent was to keep the bonds available to sell when cash needs arise in future years. The fair value of those bonds increased to $ on December Year Which of the following statements are correct with regards to this investment? Note: Select all that apply. Check All That Apply The bonds should be reported among assets in the balance sheet at December Year The bonds should be reported among assets in the balance sheet at December Year The bonds should be reported at their fair value of $ in the balance sheet. The bonds should be reported at their fair value of $ in the balance sheet. An unrealized holding gain of $ should be included in net income for Year An unrealized holding gain of $ should be included in net income for Year An unrealized gain of $ should be included in other comprehensive income for Year An unrealized gain of $ should be included in other comprehensive income for Year
Knowledge Check
On December Year Childe Company purchased $ of bonds issued by Paperman Company at face value. The bonds mature in ten years. Childes intent was to keep the bonds available to sell when cash needs arise in future years. The fair value of those bonds increased to $ on December Year Which of the following statements are correct with regards to this investment?
Note: Select all that apply.
Check All That Apply
The bonds should be reported among assets in the balance sheet at December Year
The bonds should be reported among assets in the balance sheet at December Year
The bonds should be reported at their fair value of $ in the balance sheet.
The bonds should be reported at their fair value of $ in the balance sheet.
An unrealized holding gain of $ should be included in net income for Year
An unrealized holding gain of $ should be included in net income for Year
An unrealized gain of $ should be included in other comprehensive income for Year
An unrealized gain of $ should be included in other comprehensive income for Year
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