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LED Corporation owns $1,000,000 of Branch Pharmaceuticals bonds and classifies its investment as securities available-for-sale. The market price of Branch's bonds fell by $450,000, due to concerns about one of the company's principal drugs. The concerns were justified when the FDA banned the drug. $100,000 of that decline in value already had been included in OCI as a temporary unrealized loss in a prior period. LED views $200,000 of the $450,000 loss as related to credit losses, and the other $250,000 as noncredit losses. LED does not plan to sell the investment and does not think it is more likely than not that it will have to sell the investment before fair value recovers. What journal entries should LED record to account for the decline in market value in the current period? How should the decline affect net income and comprehensive income?
alpha company plans to expand into a new geographic area. the executives and shareholders expect the following events
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Write an essay using the authoritive literature to discuss
Koch exchanges business equipment with an adjusted basis of $40,000 for business equipment with a fair market value of $65,000. If the exchange qualifies for like-kind exchange treatment, what is Koch's adjusted basis for the new equipment after t..
Frantic Fast food had earnings after taxes of $390,000 in the year 2009 with 300,000 shares outstanding. On January 1, 2010, the firm issued 25,000 new shares. Because of the proceeds from these new shares and other operating improvements, earning..
At what price, if at all, should Tom and Lynda offer valet parking as an optional feature of the membership? Justify with supporting calculations.
On August 4, Rothchild Company purchased on account 12,000 units of raw materials at $14 per unit. On August 24, raw materials were requisitioned for production as follows: 5,000 units for Job 40 at $8 per unit and 6,200 units for Job 42 at $14 per u..
You are an accountant at RSM GroupAccountants&Investment Advisers. You have been approached by a group of investorsfor your professional advice on investing in Billabong International Limited.
what types of conflicts of interest exist in the world of credit rating agencies?can these conflicts be eliminated?
A private-purpose trust fund sold investments in securities having a carrying value of $23,000 for $26,000, resulting in a $3,000 gain on the change in value. If there are no trust provisions to the contrary, the gain is generally??
Projected sales for December, January, and February are $60,000, $85,000 and $95,000, respectively. The February expected cash receipts from all current and prior credit sales is ?
the design of a system is to be pursued from one of two available alternatives. each alternative has a life-cycle cost
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