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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 | $ | 935,000 | $ | 948,500 | |||
Security B | 140,000 | 134,300 | |||||
Totals | $ | 1,075,000 | $ | 1,082,800 | |||
Securities Available-for-Sale: | |||||||
Security C | $ | 735,000 | $ | 811,500 | |||
Security D | 935,000 | 951,400 | |||||
Totals | $ | 1,670,000 | $ | 1,762,900 | |||
Securities to Be Held-to-Maturity: | |||||||
Security E | $ | 525,000 | $ | 535,700 | |||
Security F | 650,000 | 644,300 | |||||
Totals | $ | 1,175,000 | $ | 1,180,000 | |||
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.)
Reported on Balance Sheet as: Unrealized gain (loss) included in 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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