Business, 19.03.2020 07:18 Toni1816

Smith buys and sells securities. On December 15, 2018, Smith purchased $507,000 of Jones shares and elected the fair value option to account for the Jones investment. As of December 31, 2018, the Jones shares had a fair value of $606,000. In the 2018 financial statements, Smith will report (ignore taxes):

(A) Other comprehensive income of $99,000.

(B) An investment in Jones of $507,000.

(C) Accumulated other comprehensive income of $606,000.

(D) Investment income of $99,000 in its income statement.

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Smith buys and sells securities. On December 15, 2018, Smith purchased $507,000 of Jones shares and...

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