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30 January, 10:15

Following is a portion of the investments footnote from Homer Corp. 2012 10-K. (in millions) 2012 Amortized cost of available-for-sale securities $231,312

Gross unrealized gains 7,635

Gross unrealized losses $33,123

What amount does Homer report for available for sale securities on its 2012 balance sheet?

A) $25,488 million

B) $205,824 million

C) $231,312 million

D) $256,800 million

E) None of the above

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Answers (1)
  1. 30 January, 10:24
    0
    available for sale security = $205,824 million as of 2012

    correct option is B) $205,824 million

    Explanation:

    given data

    cost of sale securities = $231,312

    Gross unrealized gains = $7,635

    Gross unrealized losses = $33,123

    to find out

    What amount does Homer report for available for sale securities

    solution

    we know here that sale investment is report at fair value on balance sheet

    so that available for sale security is report as

    available for sale security = cost of sale securities + Gross unrealized gains - Gross unrealized losses ... 1

    available for sale security = $231,312 + $7,635 - $33,123

    available for sale security = $205,824 million as of 2012
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