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QUESTION
In 2009, Osgood Corporation purchased $4 million in ten-year municipal bonds at face value.
4. In 2009, Osgood Corporation purchased $4 million in ten-year municipal bonds at face value. On December 31, 2011, the bonds had a market value of $3,600,000 and Osgood reclassified the bonds from held to maturity to trading securities. Osgood's December 31, 2011, balance sheet and the 2011 income statement would show the following:Investment in municipal bonds Income state. loss on inva. 3,600,000 0b. 3,600,000 400,000c. 4,000,000 400,000d. 4,000,000 0A. Option bB. Option aC. Option CD. Option D
Question:4. In 2009, Osgood Corporation purchased $4 million in ten-year municipal bonds at face value.On December 31, 2011, the bonds had a market value of $3,600,000 and Osgood reclassifiedthe...