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Problem
Kasey Hartman is the controller for Wholemart Company, which has numerous long-term investments in debt securities. Wholemart's investments are mainly five-year bonds. Hartman is preparing its year-end financial statements. In accounting for the long-term debt securities, she knows that each long-term, investment must be designed as a held-to-maturity or available-for-sale security. Interest rates rose sharply this past year causing the portfolio's fair value to substantially decline. The company does not intend to hold the bonds for the entire five years. Hartman also earns a bonus each year, which is computed as a percentage of net income. Discuss if Hartman's bonus will increase based on the classification of the debt securities and explain the reasons why. For this discussion, also evaluate the criteria Hartman would use to classify the securities as held-to-maturity or available-for-sale, if it is likely there might be a company oversight of a classification choice, and determine the ethical challenge of her decision.
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