S&L Financial buys and sells securities which it classifies as available-for-sale. Assume that on December 27, 2024, S&L purchased Coca-Cola bonds at par for $890,000 and sold the bonds on January 3, 2025, for $897,000. At December 31, the bonds had a fair value of $887,500, and S&L has the intent and ability to hold the investment until fair value recovers. What pretax amounts did S&L include in its 2024 and 2025 net income as a result of this investment? Note: Enter all amounts as positive values. 2024 2025 Gain Loss No gain or loss in earnings Pretax amount

S&L Financial buys and sells securities which it classifies as available-for-sale. Assume that on December 27, 2024, S&L purchased Coca-Cola bonds at par for $890,000 and sold the bonds on January 3, 2025, for $897,000. At December 31, the bonds had a fair value of $887,500, and S&L has the intent and ability to hold the investment until fair value recovers. What pretax amounts did S&L include in its 2024 and 2025 net income as a result of this investment? Note: Enter all amounts as positive values. 2024 2025 Gain Loss No gain or loss in earnings Pretax amount

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 2MC: During 2021, Anthony Company purchased debt securities as a long-term investment and classified them...

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Refer to the information in RE13-5. Assume that on June 30, Aggie received interest on the Smith Corporation bonds. Prepare the June 30 journal entries to record the receipt of the interest. On April 30, 2019, Aggie Corporation purchased Smith Corporation 10%, 5-years bonds with a face value of 12,000 at par plus four months of accrued interest. Prepare the April 30 journal entry to record the purchase of these available-for-sale securities.
During 2021, Anthony Company purchased debt securities as a long-term investment and classified them as trading. All securities were purchased at par value. Pertinent data are as follows: The net holding gain or loss included in Anthonys income statement for the year should be: a. 0 b. 3,000 gain c. 9,000 loss d. 12,000 loss
please answer with working for both
S&L Financial buys and sells securities which it classifies as available-for-sale. On December 27, 2018, S&L purchased Coca-Cola bonds at par for $875,000 and sold the bonds on January 3, 2019, for $880,000. At December31, the bonds had a fair value of $873,000, and S&L has the intent and ability to hold the investment until fair valuerecovers. What pretax amounts did S&L include in its 2018 and 2019 net income as a result of this investment?
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