Brief Exercise 4-11

On January 1, 2017, Pina Inc. had cash and common stock of $64,990. At that date, the company had no other asset, liability, or equity balances. On January 2, 2017, it purchased for cash $23,670 of debt securities that it classified as available-for-sale. It received interest of $3,510 during the year on these securities. In addition, it has an unrealized holding gain on these securities of $6,380 net of tax. Determine the following amounts for 2017: (a) net income, (b) comprehensive income, (c) other comprehensive income, and (d) accumulated other comprehensive income (end of 2017).

(a) Net income (b) Comprehensive income (c) Other comprehensive income (d) Accumulated other comprehensive income ed other comprehensive income