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Deutsch should report an unrealized holding gain

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Reference no: EM131778918

XYZ  Imports has three securities in its available-for-sale investment portfolio. Information about these securities is as follows:

Market Value
Security Cost 12/31/Year 1 12/31/Year 2
NCB $ 78,000 $ 93,600 $ 100,000
TRR $ 117,000 $ 120,000 $ 0
Enson $ 58,500 $ 53,000 $ 50,700

TRR was sold in Year 2 for $127,400.

Which of the following statements is correct?

  1. On its 12/31/Year 2 balance sheet, Deutsch should report the NCB stock at its fair value of $100,000.
  2. On its 12/31/Year 2 balance sheet, Deutsch should report an unrealized holding gain on the NCB stock of$22,000 in stockholders' equity.
  3. On its income statement for the year ending December 31, Year 2, Deutsch should report an unrealized holding gain on the NCB stock of $22,000.

Reference no: EM131778918

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