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In 2009, Osgood Corporation purchased $4 million in ten-year municipal bonds at face value. On December 31, 2011, the bonds had a market value of $3,600,000 and Osgood reclassified the bonds from held to maturity to trading securities. Osgood's December 31, 2011, balance sheet and the 2011 income statement would show the following:

Investment in municipal bonds Income state. loss on inv

a. 3,600,000 0
b. 3,600,000 400,000
c. 4,000,000 400,000
d. 4,000,000 0

A. Option b
B. Option a
C. Option C
D. Option D

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9402347

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