Biomet Inc. provided the following disclosures in Note 4 of its 2012 annual report. It describes the

Question:

Biomet Inc. provided the following disclosures in Note 4 of its 2012 annual report. It describes the companyâ€™s investments in available-for-sale equity securities (dollars in millions).

a. Compute the fair market value of Biometâ€™s available-for-sale equity portfolio for both 2012 and 2011.
b. What was the effect on the companyâ€™s comprehensive income amount associated with its available-for-sale securities?
c. Assume that Biomet sold its entire portfolio of available-for-sale securities at the end of 2012. How much income would be realized on the sale? Provide the journalentry.

Portfolio
A portfolio is a grouping of financial assets such as stocks, bonds, commodities, currencies and cash equivalents, as well as their fund counterparts, including mutual, exchange-traded and closed funds. A portfolio can also consist of non-publicly...