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At December 31, 2018, Hull-Meyers Corp. had the following investments that were purchased during 2018, its first year of operations: Cost Fair Value Trading Securities:
At December 31, 2018, Hull-Meyers Corp. had the following investments that were purchased during 2018, its first year of operations:
Cost | Fair Value | ||||||
Trading Securities: | |||||||
Security A | $ | 920,000 | $ | 932,000 | |||
Security B | 125,000 | 119,600 | |||||
Totals | $ | 1,045,000 | $ | 1,051,600 | |||
Securities Available-for-Sale: | |||||||
Security C | $ | 720,000 | $ | 798,000 | |||
Security D | 920,000 | 935,800 | |||||
Totals | $ | 1,640,000 | $ | 1,733,800 | |||
Securities to Be Held-to-Maturity: | |||||||
Security E | $ | 510,000 | $ | 520,500 | |||
Security F | 635,000 | 629,600 | |||||
Totals | $ | 1,145,000 | $ | 1,150,100 | |||
No investments were sold during 2018. All securities except Security D and Security F are considered short-term investments. None of the fair value changes is considered permanent. Required: Compute the below table to calculate the following. (Amounts to be deducted should be indicated with a minus sign.)
orte Bal Other Total Noncurrent assets Net Income Current assets Comprehensive Comprehensive Income (OCI) Income Trading Securities Security A Security B Securities Available-for-Sale Security C Security D Securities to be Held-to-Maturity Security E Security F TotalsStep by Step Solution
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