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 $890,000 and sold the bonds on January 3, 2025, for $897,000. At December 31, the bonds had a fair value of $887,500, 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 2025 Gain Loss No gain or loss in earnings 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 $890,000 and sold the bonds on January 3, 2025, for $897,000. At December 31, the bonds had a fair value of $887,500, 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 2025 Gain Loss No gain or loss in earnings Pretax amount

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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