At December 31, 2020, the available-for-sale debt portfolio for Sunland, Inc. is as follows.

Security Cost Fair Value Unrealized Gain (Loss)

A $17,700 $14,500 $(3,200)

B 12,000 14,800 2,800

C 25,700 25,700 2,900

Total $52,500 $55,000 2,500

Previous fair value adjustment balanceDr. 500

Fair value adjustmentDr. $2,000

On January 20, 2021, Sunland, Inc. sold security A for $14,600. The sale proceeds are net of brokerage fees.

Sunland, Inc. reports net income in 2020 of $118,000 and in 2021 of $140,000. Total holding gains (including any realized holding gain or loss) equal $48,000 in 2021.

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(a)

a statement of comprehensive income for 2020, starting with net income.

SUNLAND, INC

Statement of Comprehensive Income

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