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Dawson elects to use the fair value option whenever possible

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Reference no: EM131116262

1. Fair Value Option Presented below is selected information related to the financial instruments of Dawson Company at December 31, 2010. This is Dawson Company's first year of operations.

(a) Dawson elects to use the fair value option whenever possible. Assuming that Dawson's net income is $100,000 in 2010 before reporting any securities gains or losses, determine Dawson's net income for 2010.

(b) Record the journal entry, if any, necessary at December 31, 2010, to record the fair value option for the bonds payable. 

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Reference no: EM131116262

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