At December 31, 2020, the available-for-sale debt investment for Zorro Community Bancorp has amortized cost of $268,000 and fair market value of $273,500. Securities fair value adjustment beginning balance of the period is Dr. 5,400. Assume the available-for-sale debt securities investment is the only item that affects other comprehensive income (OCI) and accumulated other comprehensive income (AOCI) for Zorro. At what amount should other comprehensive income (OCI) be reported on the comprehensive income statement of Zorro for fiscal year 2020? O $5,400 O $100 O $273,500 O $268,000 O $5,500
At December 31, 2020, the available-for-sale debt investment for Zorro Community Bancorp has amortized cost of $268,000 and fair market value of $273,500. Securities fair value adjustment beginning balance of the period is Dr. 5,400. Assume the available-for-sale debt securities investment is the only item that affects other comprehensive income (OCI) and accumulated other comprehensive income (AOCI) for Zorro. At what amount should other comprehensive income (OCI) be reported on the comprehensive income statement of Zorro for fiscal year 2020? O $5,400 O $100 O $273,500 O $268,000 O $5,500
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter13: Investments And Long-term Receivables
Section: Chapter Questions
Problem 7RE: Refer to the information in RE13-5. Assume that on December 31, 2019, the investment in Smith...
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![At December 31, 2020, the available-for-sale debt investment for Zorro Community Bancorp has
amortized cost of $268,000 and fair market value of $273,500. Securities fair value adjustment
beginning balance of the period is Dr. 5,400.
Assume the available-for-sale debt securities investment is the only item that affects other
comprehensive income (OCI) and accumulated other comprehensive income (AOCI) for Zorro. At what
amount should other comprehensive income (OCI) be reported on the comprehensive income
statement of Zorro for fiscal year 2020?
$5,400
O $100
O $273,500
O $268,000
O $5,500](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5bf3d256-286c-4143-871a-02832e8437af%2F2336674d-dbbd-4824-9368-f40bae176370%2Fvid8cma_processed.jpeg&w=3840&q=75)
Transcribed Image Text:At December 31, 2020, the available-for-sale debt investment for Zorro Community Bancorp has
amortized cost of $268,000 and fair market value of $273,500. Securities fair value adjustment
beginning balance of the period is Dr. 5,400.
Assume the available-for-sale debt securities investment is the only item that affects other
comprehensive income (OCI) and accumulated other comprehensive income (AOCI) for Zorro. At what
amount should other comprehensive income (OCI) be reported on the comprehensive income
statement of Zorro for fiscal year 2020?
$5,400
O $100
O $273,500
O $268,000
O $5,500
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