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George Inc. owns bonds that are accounted for under the fair value through net income model. On December 31, value of $124,365. The fair
George Inc. owns bonds that are accounted for under the fair value through net income model. On December 31, value of $124,365. The fair value at that date is $123,000. The entry to record the year-end adjustment is: Investment Income or Loss 1,365 FV-NI Investments 1,365 Unrealized Gain or Loss - OCI 1,365 FV-NI Investments 1,365 FV-NI Investments 1,365 Investment Income or Lss 1,365 No adjustment is required.
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Financial accounting
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel
IFRS Edition
9781119153726, 978-1118285909
