If the Fair Value of an Available-For-Sale Security Exceeds Its

question 150

True/False

If the fair value of an available-for-sale security exceeds its cost the security should be written up to fair value and a realized gain should be recognized.

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Definitions:

Four-legged Whales

Extinct early cetaceans that possessed four limbs, indicating a transitional phase in whale evolution from land to sea.

Indohyus

An extinct genus of even-toed ungulate that lived about 48 to 41 million years ago, believed to be an early relative of whales.

Pakicetus

An extinct genus of early whales living in the Eocene epoch, illustrating a significant stage in the transition from land to sea creatures.

Modern-day Whales

Current species of whales that descended from land-dwelling ancestors through a series of evolutionary transitions over millions of years.