Advanced Accounting 3e Susan Hamlen, Ronald Huefner, James Largay (Solutions Manual All Chapters, 100% Original Verified, A+ Grade) (Complete And Verified Study material) (607pages) LEARNEXAMS

CHAPTER 1 SOLUTIONS TO MULTIPLE CHOICE QUESTIONS, EXERCISES AND PROBLEMS MULTIPLE CHOICE QUESTIONS 1. c $180,000 - $160,000 = $20,000 $125,000 - $100,000 = 25,000 Total gain $45,000 2. a $29,000 – $26,000 = $3,000 3. a $207,544 – [(6% x $200,000) – (4% x $207,544)] = $203,846 4. d Reclassification of unrealized loss on AFS securities sold $1,000 credit Unrealized gain on AFS securities held at year-end 6,000 credit (1) Total amount reported in OCI $7,000 credit (1) $81,000 – ($100,000 – $25,000) = $6,000 unrealized gain 5. d $5,000,000 + [40% x ($600,000 – $200,000)] = $5,160,000