Evans Company owns 450 bonds of Frazier Company classified as available-for-sale. During 2024, the fair value of those bonds Increased by $9 million. What effect did this Increase have on Evans' 2024 financial statements? Multiple Choice Total assets decreased Shareholders' equity decreased Net income increased Net assets increased
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When the fair value of available-for-sale securities increases, the unrealized gain is recognized in other comprehensive income (OCI), which is a component of shareholders' equity. Show more…
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