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Presented below is selected information related to the financial instruments of Dawson Company at December 31, 2012. This is Dawson Company's first year of operations.
Carrying Amount
Fair Value (at December 31)
Investment in debt securities (intent is to hold to maturity)
$ 40,000
$ 41,000
Investment in Chen Company stock
800,000
910,000
Bonds payable
220,000
195,000
Instructions
(a) Dawson elects to use the fair value option whenever possible. Assuming that Dawson's net income is $100,000 in 2012 before reporting any securities gains or losses, determine Dawson's net income for 2012.
(b) Record the journal entry, if any, necessary at December 31, 2012, to record the fair value option for the bonds payable.
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