S&L Financial buys and sells securities which it classifies as available-for-sale. Assume that on December 27, 2024, S&L purchased Coca-Cola bonds at par for $760,000 and sold the bonds on January 3, 2025, for $764,000. At December 31, the bonds had a fair value of $757,000, and S&L has the intent and ability to hold the investment until fair value recovers. What pretax amounts did S&L include in its 2024 and 2025 net income as a result of this investment? Note: Enter all amounts as positive values. 2024 Gain 2025 Pretax amount

S&L Financial buys and sells securities which it classifies as available-for-sale. Assume that on December 27, 2024, S&L purchased Coca-Cola bonds at par for $760,000 and sold the bonds on January 3, 2025, for $764,000. At December 31, the bonds had a fair value of $757,000, and S&L has the intent and ability to hold the investment until fair value recovers. What pretax amounts did S&L include in its 2024 and 2025 net income as a result of this investment? Note: Enter all amounts as positive values. 2024 Gain 2025 Pretax amount

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA2: Investments

Section: Chapter Questions

Problem 7MCQ

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