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Vogler Inc. began business on January 1, 2012. At the end of December 2012, Vogler had the following investments in equity securities:

Trading Available for Sale
Cost $60,000 $110,000
Fair Value $54,000 $107,500

All declines in value are deemed to be temporary in nature. How should the corresponding losses be reflected in the financial statements at December 31, 2012?

a) Income Statement: $8,500
Accumulated Other Comprehensive Income in Shareholders' Equity: $0

b) Income Statement: $0
Accumulated Other Comprehensive Income in Shareholders' Equity: $8,500

c) Income Statement: $6,000
Accumulated Other Comprehensive Income in Shareholders' Equity: $2,500

d) Income Statement: $2,500
Accumulated Other Comprehensive Income in Shareholders' Equity: $6,000

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M946155

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