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    Devry University
    Sep-2004 - Aug-2010

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    NatSteel Holdings Pte Ltd
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Category > Business & Finance Posted 13 Dec 2017 My Price 10.00

determine Dawson’s net income for 2014.

a) Dawson elects to use the fair value option whenever possible. Assuming that Dawson’s net income is $100,000 in 2014 before reporting any securities gains or losses, determine Dawson’s net income for 2014.

Dawson’s net income for 2014 $


(b) Record the journal entry, if any, necessary at December 31, 2014, 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 0 for the amounts.)

Date Account Titles and Explanation Debit Credit

Dec. 31, 2014

Presented below is selected information related to the financial instruments of Dawson Company at December 31, 2014. This is Dawson Company’s first year of operations.

Investment in debt securities (intent is to hold to maturity) $40,000 $41,000
Investment in Chen Company stock 800,000 910,000
Bonds payable 220,000

195,000

 

Answers

CourseLover
(12)
Status NEW Posted 13 Dec 2017 07:12 AM My Price 10.00

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