Goofy Incorporated bought a sizeable amount of Crazy Company's bonds for $200,000 on May 5, 2023, and classified the investment as available-for-sale. The market value of the bonds declined to $124,000 by December 31, 2023. Goofy reclassified this investment as trading securities in December of 2024 when the market value had risen to $163,000. What effect on 2024 net income should be reported by Goofy for the Crazy Company bonds? A: 39,000 net unrealized holding gain B: 37,000 net unrealized holding loss C: 76,000 net unrealized holding loss D: 0
Goofy Incorporated bought a sizeable amount of Crazy Company's bonds for $200,000 on May 5, 2023, and classified the investment as available-for-sale. The market value of the bonds declined to $124,000 by December 31, 2023. Goofy reclassified this investment as trading securities in December of 2024 when the market value had risen to $163,000. What effect on 2024 net income should be reported by Goofy for the Crazy Company bonds? A: 39,000 net unrealized holding gain B: 37,000 net unrealized holding loss C: 76,000 net unrealized holding loss D: 0
Chemistry: An Atoms First Approach
2nd Edition
ISBN:9781305079243
Author:Steven S. Zumdahl, Susan A. Zumdahl
Publisher:Steven S. Zumdahl, Susan A. Zumdahl
Chapter7: Chemical Energy
Section: Chapter Questions
Problem 28E: Consider the accompanying diagram. Ball A is allowed to fall and strike ball B. Assume that all of...
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![Goofy Incorporated bought a sizeable amount of Crazy Company's bonds for
$200,000 on May 5, 2023, and classified the investment as available-for-sale. The
market value of the bonds declined to $124,000 by December 31, 2023. Goofy
reclassified this investment as trading securities in December of 2024 when the
market value had risen to $163,000. What effect on 2024 net income should be
reported by Goofy for the Crazy Company bonds?
A: 39,000 net unrealized holding gain
B: 37,000 net unrealized holding loss
C: 76,000 net unrealized holding loss
D: 0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc443af19-6d4b-4f25-a888-28bebb4d5b99%2Fda48c06f-a10a-4faa-9576-b1d5549f5f84%2F0yjxr2_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Goofy Incorporated bought a sizeable amount of Crazy Company's bonds for
$200,000 on May 5, 2023, and classified the investment as available-for-sale. The
market value of the bonds declined to $124,000 by December 31, 2023. Goofy
reclassified this investment as trading securities in December of 2024 when the
market value had risen to $163,000. What effect on 2024 net income should be
reported by Goofy for the Crazy Company bonds?
A: 39,000 net unrealized holding gain
B: 37,000 net unrealized holding loss
C: 76,000 net unrealized holding loss
D: 0
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