On January 12, 2021. Jefferson Corporation purchased bonds of Rose Corporation for $75 million at par and classified the securities as available for sale. On December 31 2021, these bonds were valued at $68 million Nine months later, on October 3, 2022, Jefferson Corporation sold these bonds for 586 million
As part of the multistep approach to record the 2022 transaction Jefferson Corporation should next take the second step of
a. Reversing total accumulated unrealized holding gains of $25 milion
b. Reversing total accumulated unrealized holding gains of $18 milion
c. Reversing total accumulated unrealized holding gains of S7 million
d. Reversing total accumulated unrealized holding gains of $11 milion
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