Business, 01.08.2019 05:10 kenna0

Goofy inc. bought a sizeable amount of crazy co.'s bonds for $203,000 on may 5, 2017, and classified the investment as available for sale. the market value of the bonds declined to $113,000 by december 31, 2017. goofy reclassified this investment as trading securities in december of 2018 when the market value had risen to $167,000. what effect on 2018 income should be reported by goofy for the crazy co. bonds?

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Goofy inc. bought a sizeable amount of crazy co.'s bonds for $203,000 on may 5, 2017, and classified...

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