Business, 10.12.2019 01:31 paulawells11
On march 25, 2021, phillips corporation purchased bonds of atlas corporation for $132 million and classified the securities as trading securities. on december 31, 2021, these bonds were valued at $150 million. three months later, on april 3, 2022, phillips corporation sold these bonds for $140 million. as part of the multi-step approach to record the 2019 transaction, phillips corporation should first update the fair value adjustment by recording:
multiple choice
an unrealized holding gain of $28 million in 2019.
a unrealized holding loss of $10 million in 2019.
an unrealized holding gain of $8 million in 2019.
a gain of $8 million in 2019.
Answers: 3
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On march 25, 2021, phillips corporation purchased bonds of atlas corporation for $132 million and cl...
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