Question
In 2015, Osgood Corporation purchased $6.6 million in 10-year municipal bonds at face value. On December 31, 2016, the bonds had a market value of
| In 2015, Osgood Corporation purchased $6.6 million in 10-year municipal bonds at face value. On December 31, 2016, the bonds had a market value of $2,800,000 and Osgood reclassified the bonds from held to maturity to trading securities. Osgood's December 31, 2016, balance sheet and the 2016 income statement would show the following: |
| Balance sheet Investment in municipal bonds | Income statement Loss on investments |
| A $2,800,000 | $3,800,000 |
| B $6,600,000 | $0 |
| C $6,600,000 | $3,800,000 |
| D $2,800,000 | $0 |
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Data Analysis And Sampling Simplified A Practical Guide For Internal Auditors
Authors: Donald A. Dickie PhD
1st Edition
1634540611, 978-1634540612
