Reference no: EM131220003
Zyggy Corporation has the following investment activity during 2015, 2016, and 2017:
Purchased AFS investment of $1,200,000 in the stock of Corey Corporation on November 1, 2015. Its fair value on December 31, 2015 and 2016 was $1,280,000 and $1,020,000, respectively. The 2016 decline in value was determined to be other than temporary. The investment was sold on February 15, 2017, for $1,000,000.
Purchased HTM investment on January 2, 2016, of $388,899 in Eiffel Corporation’s $400,000 face value, 3 percent bond, yielding 4 percent to maturity, interest paid annually on December 31. On December 31, 2017, the fair value of the bond is $300,000, and the decline is determined to be other than temporary.
For each of the above investments, prepare the journal entries.
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Decline in value was determined to be other than temporary
: Purchased AFS investment of $1,200,000 in the stock of Corey Corporation on November 1, 2015. Its fair value on December 31, 2015 and 2016 was $1,280,000 and $1,020,000, respectively. The 2016 decline in value was determined to be other than temporar..
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