Question - ABC Company, a calendar-year company, holding the following securities.
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Category
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Acquisition Date
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Acquisition cost
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Fair value on Dec. 31, 2015
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Fair value on Dec.31, 2006
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Is the declining Temporary?
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Trading
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Jan. 1, 2004
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$ 1,000.00
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$ 1,200.00
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$ 800.00
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No
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Available for sale
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Jan. 1, 2004
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$ 1,000.00
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$ 1,200.00
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$ 800.00
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Yes
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Held to Maturity
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Jan. 1, 2004
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$ 1,000.00
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$ 1,200.00
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$ 800.00
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No
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A: What amount should ABC Company report as unrealized holding gain or loss on December 31, 2006 in accumulated other comprehensive income on balance sheet?
B: What amount of unrealized holding gain or loss should ABC Company include in net income for the year ended December 31, 2006?
C: What amount of impairment loss should ABC Company include in net income for the year ended December 31, 2006?