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Cairo Inc. owns a bond that is accounted for using the cost/amortized cost model. At the reporting period's end, the carrying value of the bond
Cairo Inc. owns a bond that is accounted for using the cost/amortized cost model. At the reporting period's end, the carrying value of the bond is $960,000. Management believes that the fair market value of the bond is $980,000. What would the entry be for the gain/loss on the bond?
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Intermediate Accounting
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
10th Canadian Edition, Volume 1
978-1118735329, 9781118726327, 1118735323, 1118726324, 978-0176509736
