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In 2016, Osgood Corporation purchased $4 million of 10-year municipal bonds at face value. On December 31, 2018, the bonds had a fair value of $3,600,000 and Osgood reclassified the bonds from held to maturity to trading securities. Osgood's December 31, 2018, balance sheet and the 2018 income statement would show the following:

- Investment in municipal bonds
- Income statement loss on investments

Respuesta :

Answer:

The year end December 31, 2018 income statement and balance sheet would show the following Investment in municipal bonds and loss on investments in the income statement.

Investment in municipal Bonds = $3,600,000

Loss on Income statement = $400,000

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