Edmonds Company has bonds with a carrying value of $310,000…
Edmonds Company has bonds with a carrying value of $310,000 as of December 31, 2020, and Edmonds has chosen the fair value option for these bonds. At December 31, 2020, the value of the bonds is now $280,000 because interest rates in the market have increased. What is the financial statement effect of the fair value adjustment?
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