Question
Blue Spruce Corporation began operations on January 1, 2020 when $217,000 was invested by shareholders of the company. On March 1, 2020, Blue Spruce purchased
Blue Spruce Corporation began operations on January 1, 2020 when $217,000 was invested by shareholders of the company. On March 1, 2020, Blue Spruce purchased for cash $105,000 of debt securities that it classified as available-for-sale. During the year, the company received cash interest of $7,700 on these securities. In addition, the company has an unrealized holding loss on these securities of $13,900 net of tax. Determine the following amounts for 2020: (a) net income, (b) comprehensive income, (c) other comprehensive income, and (d) accumulated other comprehensive income (end of 2020). (Enter negative amounts using either a negative sign preceding the number e.g. -15 or parentheses e.g. (15).)
(a) | Net income | $enter a dollar amount | ||
---|---|---|---|---|
(b) | Comprehensive income / loss | $enter a dollar amount | ||
(c) | Other comprehensive income | $enter a dollar amount | ||
(d) | Accumulated other comprehensive income / loss | $enter a dollar amount |
please show work, and explain
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