a) Dawson elects to use the fair value option whenever possible. Assuming that Dawsonâs net income is $100,000 in 2014...
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Dawsonâs net income for 2014 | $ |
Date | Account Titles and Explanation | Debit | Credit |
Dec. 31, 2014 |
Presented below is selected information related to the financial instruments of Dawson Company at December 31, 2014. This is Dawson Companyâs first year of operations.
Investment in debt securities (intent is to hold to maturity) | $40,000 | $41,000 |
Investment in Chen Company stock | 800,000 | 910,000 |
Bonds payable | 220,000 | 195,000 |