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a. Insure Inc. has the following balances in the accounts identified below on January 1, 2016: During 2016, Insure Inc. had net income of $1,
a. Insure Inc. has the following balances in the accounts identified below on January 1, 2016: During 2016, Insure Inc. had net income of $1, 115,000. There were no purchases or sales of bonds during the year. The amortization of premium for bonds held to maturity was $10,000 and the amortization of premium for bonds classified as available for sale was $21, 500. The amortization of the discount for bonds classified as trading was $9, 750. The fair value of the bonds by category were: Based on the above information, prepare the following: a. Balances in all of the above listed accounts b. Comprehensive Income Statement a. Insure Inc. has the following balances in the accounts identified below on January 1, 2016: During 2016, Insure Inc. had net income of $1, 115,000. There were no purchases or sales of bonds during the year. The amortization of premium for bonds held to maturity was $10,000 and the amortization of premium for bonds classified as available for sale was $21, 500. The amortization of the discount for bonds classified as trading was $9, 750. The fair value of the bonds by category were: Based on the above information, prepare the following: a. Balances in all of the above listed accounts b. Comprehensive Income Statement
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