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Ramirez Company has a held-for-collection investment in the 6% 20-year bonds of Soto Company The investment was originally purchased for $1200000 in 2013. Early in 2014 Ramirez recorded an

Ramirez Company has a held-for-collection investment in the 6%, 20-year bonds of Soto Com- pany. The investment was originally purchased for $1,200,000 in 2013. Early in 2014, Ramirez recorded an impairment of $300,000 on the Soto investment, due to Soto’s financial distress. In 2015, Soto returned to

 

 

profitability and the Soto investment was no longer impaired. What entry does Ramirez make in 2015 under (a) GAAP and (b) IFRS?

Jun 18 2020 View more View Less

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