Fong corporation sold $2,000,000, 7%, 5-year bonds on january 1, 2017. the bonds were dated january 1, 2017, and pay interest on january 1. fong corporation uses the straight-line method to amortize bond premium or discount.

Grant, inc., acquired 30% of south co.’s voting stock for $200,000 on january 2, year 1, and did not elect the fair value option. the price equaled the carrying amount and the fair value of the interest purchased in south’s net assets. grant’s 30% interest in south gave grant the ability to exercise significant influence over south’s operating and financial policies. during year 1, south earned $80,000 and paid dividends of $50,000. south reported earnings of $100,000 for the 6 months ended june 30, year 2, and $200,000 for the year ended december 31, year 2. on july 1, year 2, grant sold half of its stock in south for $150,000 cash. south paid dividends of $60,000 on october 1, year 2. before income taxes, what amount should grant include in its year 1 income statement as a result of the investment?

Atrough in the business cycle occurs when

Identify the level of the literature hierarchy for u.s. gaap to which each item belongs