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If an available-for-sale investment is sold for which there are unrealized gains in accumulated other comprehensive income (AOCI), a reclassification adjustment affects other comprehensive income (OCI) in the period of sale by

A. reducing OCI for the amount of unrealized gains in AOCI.

B. increasing OCI for the amount of unrealized gains in AOCI.

C. no effect on OCI, as OCI only includes the effects of unrealized gains and losses.

D. no effect on OCI, as the realized gain is included in AOCI.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9432686

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