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Determine the income statement for the year ended december

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Question - On July 1, 2017, Joseph Company purchased 1,000 of Griswald Corporation's $1,000, 8% bonds that pay interest on June 30 and December 31, for $970,000. The bonds are classified by Joseph as available for sale. The fair value of the bonds on December 31, 2017, was $986,000. Ignoring amortization, the income statement for the year ended December 31, 2017, would report income related to this investment in the amount of

a. $14,000 loss.

b. $16,000 income.

c. $56,000 income.

d. $40,000 income.

Reference no: EM132183424

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