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this will be my third time posting rhis and everyone gave me the same answer......$224,000 is INCORRECT Exercise 17-21 Your answer is partially correct. Try
this will be my third time posting rhis and everyone gave me the same answer......$224,000 is INCORRECT Exercise 17-21 Your answer is partially correct. Try again. Presented below is selected information related to the financial instruments of Headland Company at December 31, 2017. This is Headland Company's first year of operations. Carrying Amount Investment in debt securities (intent is to hold to maturity) Investment in Chen Company stock Bonds payable $36,700 730,600 237,500 Fair Value (at December 31) $37,700 834,200 212,100 (a) Headland elects to use the fair value option for these financial instruments (the fair value option for financial liabilities is discussed in Chapter 14). Assuming that Headland's net income is $94,800 in 2017 before reporting any securities gains or losses, determine Headland's net income for 2017 (assume that the difference between the carrying value and fair value is due to credit deterioration). Headland's net income for 2017 224,000.00 (b) Record the journal entry, if any, necessary at December 31, 2017, to record the fair value option for the bonds payable. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Credit Dec 31, 2017 Bonds Payable Unrealized Holding Gain or Loss -Income 25400 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Question Attempts: 2 of 3 used
this will be my third time posting rhis and everyone gave me the same answer......$224,000 is INCORRECT
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