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sur Meron prevents changes to this answer Question 3 of 31 Question 3 6 points Sed Lancer Financial buys and sells securities which it classifies
sur Meron prevents changes to this answer Question 3 of 31 Question 3 6 points Sed Lancer Financial buys and sells securities which it classifies as available for sale. On December 27, 2021 Lancer purchased bonds at car for $875.000 and sold the bonds on lanuary 4, 2022, for $880,000. At December 31, the bonds had a fair value of $873.000, and Lancer has the intent and ability to hold the investment until fair value recovers. On January 4,2022 the entry to reverse previous unrealized holding gains included in other comprehensive income would include: A) Debit, Reclassification adjustment. 7,000 Credit, Fair Value Adjustment 7,000 B) Debit, Fair Value Adjustment 5,000: Credit, Reclassification adjustment,5,000 Debit, Reclassification adjustment, 5,000, Credit Fair value adjustment, 5.000 DJ Debit Unrealized Gain on investment, 5,000; Credit, Gain on investment, 5.000 Moving to the next question prevents changes to this answer Question 3 of 31
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