Question
On December 31, 2011 Patel transferred its investment in security C from FVTPL to FVTOCI because Patel intends to retain security C as a long-term
On December 31, 2011 Patel transferred its investment in security C from FVTPL to FVTOCI because Patel intends to retain security C as a long-term investment. What total amount of gain or loss on its securities should be included in Patel's income statement for the year ended December 31, 2011? A. 3,000 gain.B. 27,000 loss.C. 30,000 loss.D. 45,000 loss.
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Financial Accounting Text Only
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel
5th Edition
0006575404, 978-0006575405
