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On December 29, year 2, BJ Co. sold a marketable equity security that had been purchased on January 4, year 1. BJ owned no other marketable equity security. An unrealized loss was reported as components of “Other comprehensive income” and “Accumulated other comprehensive income” in the year 1 balance sheet. A realized gain was reported in the year 2 income statement. BJ Co. did not elect to use the fair value option in reporting financial assets. Was the marketable equity security classified as a trading security and did its year 1 market price decline exceed its year 2 market price recovery?
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