4. The investments section includes the following: An interest bearing note receivable of $8,000 that was issued on June 1st, 2023 bearing interest at 6% and is due on June 1, 2024 • Long-term FV-OCI investment $12,200 carrying value (fair value $9,000 at December 31,2023). Management plans on holding on to these investments for a number of years. FV-NI Investment 1,000 common shares of Landon Inc. purchased at $91.00 per share (fair value $108.50 per share at December 31, 2023). Grace expected to sell the shares as soon as the market price increases more next year.

4. The investments section includes the following: An interest bearing note receivable of $8,000 that was issued on June 1st, 2023 bearing interest at 6% and is due on June 1, 2024 • Long-term FV-OCI investment $12,200 carrying value (fair value $9,000 at December 31,2023). Management plans on holding on to these investments for a number of years. FV-NI Investment 1,000 common shares of Landon Inc. purchased at $91.00 per share (fair value $108.50 per share at December 31, 2023). Grace expected to sell the shares as soon as the market price increases more next year.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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