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Determining Impact on Financial Reporting of Unrealized Losses Turbo Corporation had net income of $24,000 and other comprehensive income of $0 prior to the following
Determining Impact on Financial Reporting of Unrealized Losses Turbo Corporation had net income of $24,000 and other comprehensive income of $0 prior to the following two adjustments: Turbo Corporation discovered it has an unrealized holding loss of $800 related to available-for-sale debt securities and an unrealized holding loss of $400 related to trading debt securities. Ignoring income taxes, what are the adjusted totals for (a) net income, (b) other comprehensive income, and (c) comprehensive income? Note: Indicate a loss with a negative sign. 0 a. Net income (loss) $ b. Other comprehensive income (loss) $ c. Comprehensive income (loss) $ 0 0
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