On January 1, 2020, Twist Corp. had cash and common shares of $60,000. At that date, the
Question:
On January 1, 2020, Twist Corp. had cash and common shares of $60,000. At that date, the company had no other asset, liability, or shareholders’ equity balances. On January 2, 2020, Twist paid $40,000 cash for equity securities that it designated as fair value through other comprehensive income (FV-OCI) investments. During the year, Twist received non-taxable cash dividends of $18,000 and had an unrealized holding gain of $25,000 (net of tax) on these securities. Determine the following amounts for 2020:
(a) Net income,
(b) Other comprehensive income,
(c) Comprehensive income,
(d) Accumulated other comprehensive income (as at the end of 2020).
Step by Step Answer:
a Net income 18000 dividend revenue b Other comprehens...View the full answer
Intermediate Accounting Volume 1
ISBN: 978-1119496496
12th Canadian edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
