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At December 31, 2017, the available-for-sale debt portfolio for Bonita, Inc. is as follows. Security Cost Fair Value A $97,125 $83,250 B 69,375 77,700 127,650
At December 31, 2017, the available-for-sale debt portfolio for Bonita, Inc. is as follows.
Security Cost Fair Value A $97,125 $83,250 B 69,375 77,700 127,650 141,525 Total $294,150 $302,475 Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. Unrealized Gain (Loss) $(13,875) 8,325 13,875 8,325 2,220 $6,105 On January 20, 2018, Bonita, Inc. sold security A for $83,805. The sale proceeds are net of brokerage fees. Bonita Inc. reports net income in 2017 of $666,000 and in 2018 of $777,000. Unrealized holding gains and gains equal $222,000 in 2018. Prepare a statement of comprehensive income for 2017, starting with net income. BONITA, INC Statement of Comprehensive Income For the Year Ended December 31, 2017Step by Step Solution
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