Business, 28.05.2021 17:00 aime005

On March 25, 2021, Phillips Corporation purchased bonds of Atlas Corporation for $141 million and classified the securities as trading securities. On December 31, 2021, these bonds were valued at $166 million. Three months later, on April 3, 2022, Phillips Corporation sold these bonds for $152 million. As part of the multistep approach to record the 2022 transaction, Jefferson Corporation should next take the second step of recording a sales transaction where it:.
A. Credits a fair value adjustment of $18 million.
B. Debits a fair value adjustment of $18 million.
C. Debits a fair value adjustment of $8 million.
D. Credits a fair value adjustment of $8 million.

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On March 25, 2021, Phillips Corporation purchased bonds of Atlas Corporation for $141 million and cl...

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