On December 31, 2011, Memphis Co. had the following available-for-sale investment disclosure within the Current Assets section

Question:

On December 31, 2011, Memphis Co. had the following available-for-sale investment disclosure within the Current Assets section of the balance sheet:
Available-for-sale investments (at cost)...............$105,000
Plus valuation allowance for available-for-sale investments........ 15,000
Available-for-sale investments (at fair value) ............$120,000
There were no purchases or sales of available-for-sale investments during 2012. On December 31, 2012, the fair value of the available-for-sale investment was $94,000. The net income of Memphis Co. was $150,000 for 2012.
Compute the comprehensive income for Memphis Co. for the year ended December 31, 2012.

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...