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1. Ager purchased 500 common shares of another company as a non-strategic investment for $60 per share. The fair value at year-end was $62 per
1. Ager purchased 500 common shares of another company as a non-strategic investment for $60 per share. The fair value at year-end was $62 per share. The shares were sold subsequent to the year-end for $ 65 per share. Whether the shares were designated as FVTPL or FVTOCI, the gain or loss to be recognized at year end is
2. Call It Real is a publicly traded company that acquires a $200,000, 7-year, 5% bond on January 1, 2021. The bonds pay interest on January 1 and July 1 each year.
Assume Call It Real sells its investment on January 1, 2023 for $199,450. The amortized cost of the bonds on January 1, 2023 is $198,540.
On the sale of the bond, there would be a gain on sale of investments or loss on sale of investments of?
4. The Day-IN held a security during the year:
Security A
Carrying Value on Balance Sheet: $24,000
Fair Value at Year-End: $21,500
Security A was sold for $20,000 after year-end. What is the investment income or loss to be recognized if the investment is an FVTPL investment or what is the OCI gain or loss on sale of investment if the investment is an FVTOCL investment, assuming the change to fair value was properly booked at year-end?
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