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Asap On January 1, 2020, Whispering Winds Corp. had cash and common shares of $60,000. At that date, the company had no other asset, liability,
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On January 1, 2020, Whispering Winds 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, Whispering Winds Corp. paid $40,000 cash for equity securities that it designated as fair value through other comprehensive income (FV-OCI) investments. During the year, Whispering Winds Corp. received non-taxable cash dividends of $17.000 and had an unrealized holding gain of $29.000 (net of tax) on these securities. Determine the following amounts for 2020: (a) Net Income / (Loss) (b) Other Comprehensive Income $ (c) Comprehensive Income: $ (d) Accumulated Other Comprehensive Income (as at the end of 2020) Step by Step Solution
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