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Turny Co. acquired $6,000,000 12% bonds with 10% effective rate on January 1, 2009 for $6,400,000 plus transaction costs of $54,894.41 to be held as financial assets at fair value through other comprehensive income or FVTOCI. The bonds pay interest annually on Dec . 31 and mature on Jan. 1, 2014.
Below are the fair value of the bond each year:
December 31, 2009: 98;
December 31, 2010: 97;
December 31, 2011: 103;
December 31, 2012: 101
Problem 1: What is the balance of the UGL-OCI-Equity account as of December 31, 2010? Is it a debit or credit balance?
Problem 2: Look for the unrealized gain or loss reported in the 2011 statement of comprehensive income related to the investment. Is it a debit or credit balance?
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