Jones Company has notes receivable that have a fair value of $950,000 and a carrying amount of $1.250,000. Jones decides on December 31, 2020, to use the fair value option for these recently-acquired receivables. Which of the following entries will be made on December 31, 2020 to record the unrealized holding gain/loss? Notes Receivable 300,000 Unrealized Holding Gain or Loss Equity 300,000 Unrealized Heiding Gain or Loss - Income 300,000 Notes Receivable 300,000 Notes Receivable 300,000 Unrealized Holding Gain or Loss Income300,000 Unrealized Holding Gain or Loss EquityNotes Receivable 300, 000300,000
Jones Company has notes receivable that have a fair value of $950,000 and a carrying amount of $1.250,000. Jones decides on December 31, 2020, to use the fair value option for these recently-acquired receivables. Which of the following entries will be made on December 31, 2020 to record the unrealized holding gain/loss? Notes Receivable 300,000 Unrealized Holding Gain or Loss Equity 300,000 Unrealized Heiding Gain or Loss - Income 300,000 Notes Receivable 300,000 Notes Receivable 300,000 Unrealized Holding Gain or Loss Income300,000 Unrealized Holding Gain or Loss EquityNotes Receivable 300, 000300,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Jones Company has notes receivable that have a fair value of $950,000 and a carrying amount of $1.250,000. Jones decides on December
31, 2020, to use the fair value option for these recently-acquired receivables. Which of the following entries will be made on December
31, 2020 to record the unrealized holding gain/loss? Notes Receivable 300,000 Unrealized Holding Gain or Loss Equity 300,000 Unrealized
Heiding Gain or Loss - Income 300,000 Notes Receivable 300,000 Notes Receivable 300,000 Unrealized Holding Gain or Loss Income300,000
Unrealized Holding Gain or Loss EquityNotes Receivable 300, 000300,000
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