Question
On December 31, 2021, Kona purchased debt securities as trading securities. Pertinent data are as follows: Fair Value Security Cost At 12/31/22 A $225,000 $215,000
On December 31, 2021, Kona purchased debt securities as trading securities. Pertinent data are as follows:\ Fair Value\ Security Cost At 12/31/22\ A $225,000 $215,000\ B 200,000 210,000\ C 230,000 210,000\ On December 31, 2022, Kona transferred its investment in security C from trading to available for sale\ because Kona intends to retain security C as a long term investment.
What total amount of gain or loss on\ its securities should be included in Kona's income statement for the year ended December 31, 2022?
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Intermediate Accounting Reporting and Analysis
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
2nd edition
9781305727557, 1285453824, 9781337116619, 130572755X, 978-1285453828
