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What is the Journal Entry to transfer that gain from AOCI

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Reference no: EM132472617

Point 1: At the end of a fiscal accounting year, Other Comprehensive Income (OCI) gets closed to Accumulated Other Comprehensive Income (AOCI) on the balance sheet. Now, lets say in the following fiscal year, we sell a security in which an Unrealized holding gain was recorded as part of OCI, and thus was transferred to AOCI, in the previous year.

Question 1: What is the Journal Entry to transfer that gain from AOCI to the income statement?

Reference no: EM132472617

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