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On its December 31, 2024, balance sheet, Pharoah Company reported it value of $592000. At December 31, 2025, the fair value of the securities its 2025 financial statements? in Equi of $621000 sun

On its December 31, 2024, balance sheet, Pharoah Company reported it value of $592000. At December 31, 2025, the fair value of the securities its 2025 financial statements? in Equi of $621000 sun

FINANCIAL ACCOUNTING
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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Subject: accounting 

On its December 31, 2024, balance sheet, Pharoah Company reported its investment in equity securities, which cost $640000, at fair value of $592000. At December 31, 2025, the fair value of the securities was $621000. Which of the following will Pharoah report in its 2025 financial statements? Investment in Equity Securities at fair value of $621000 and an unrealized holding loss of $19000 in net income Investment in Equity Securities at fair value of $621000 and an unrealized holding gain of $29000 in other comprehensive income Investment in Equity Securities at fair value of $621000 and an unrealized holding gain of $29000 in net income Investment in Equity Securities at cost of $640000 plus Fair Value Adjustment of $19000 and an unrealized holding loss of $19000 in net income Save for Later Attempts: 0 of 1 used Submit Answer
Transcribed Image Text:On its December 31, 2024, balance sheet, Pharoah Company reported its investment in equity securities, which cost $640000, at fair value of $592000. At December 31, 2025, the fair value of the securities was $621000. Which of the following will Pharoah report in its 2025 financial statements? Investment in Equity Securities at fair value of $621000 and an unrealized holding loss of $19000 in net income Investment in Equity Securities at fair value of $621000 and an unrealized holding gain of $29000 in other comprehensive income Investment in Equity Securities at fair value of $621000 and an unrealized holding gain of $29000 in net income Investment in Equity Securities at cost of $640000 plus Fair Value Adjustment of $19000 and an unrealized holding loss of $19000 in net income Save for Later Attempts: 0 of 1 used Submit Answer
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