Presented below is selected information related to the financial instruments of Kirkland Company at December 31, 2014.
Question:
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Instructions
(a) Kirkland elects to use the fair value option whenever possible. Assuming that Kirkland€™s net income is $360,000 in 2014 before reporting any securities gains or losses, determine Kirkland€™s net income for 2014.
(b) Record the journal entry, if any, necessary at December 31, 2014, to record the fair value option for the bondspayable.
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a Net income before security gains and losses 360000 Invest...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
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