Alvarez Corp. invested its excess cash in available-for-sale securities during 2008. As of December 31, 2008, the portfolio of available-for-sale securities consisted of the following common stocks.

Instructions
(a) What should be reported on Alvarez€™s December 31, 2008, balance sheet relative to these securities? What should be reported on Alvarez€™s 2008 income statement?
On December 31, 2009, Alvarez€™s portfolio of available-for-sale securities consisted of the following common stocks.

During the year 2009, Alvarez Corp. sold 2,000 shares of Eola Corp. for $38,200 and purchased 2,000 more shares of Keesha Jones, Inc. and 1,000 shares of King Company.
(b) What should be reported on Alvarez€™s December 31, 2009, balance sheet? What should be reported on Alvarez€™s 2009 income statement?
On December 31, 2010, Alvarez€™s portfolio of available-for-sale securities consisted of the following common stocks.

During the year 2010, Alvarez Corp. sold 3,000 shares of Keesha Jones, Inc. for $39,900 and 500 shares of King Company at a loss of $2,700.
(c) What should be reported on the face of Alvarez€™s December 31, 2010, balance sheet? What should be reported on Alvarez€™s 2010 income statement?
(d) What would be reported in a statement of comprehensive income at (1) December 31, 2008, and (2) December 31,2009?

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Security Quantity 1,000 shares 2,000 shares 2,000 shares Cost $15,000 50,000 72.000 Totals $137,000 Fair Value $ 21,000 42,000 60,000 $123,000 Keesha Jones, Inc. Eola Corp. Yevette Aircraft Quantity 1,000 shares 2,000 shares 1,000 shares 2,000 shares Security Cost Keesha Jones, Inc. Keesha Jones, Inc. King Company Yevette Aircraft 15,000 38,000 16,000 72,000 Fair Value $20,000 40,000 12,000 22,000 $94,000 Totals $141,000 Security Yevette Aircraft King Company Quantity 2,000 shares 500 shares Cost $72,000 8,000 Totals $80,000 Fair Value $82,000 6,000 $88,000