Exercise 17-10 (Part Level Submission)

At December 31, 2017, the available-for-sale debt portfolio for Ivanhoe, Inc. is as follows.

Security		Cost		Fair Value		Unrealized Gain (Loss)
A		$140,875		$120,750		$(20,125	)
B		100,625		112,700		12,075
C		185,150		205,275		20,125
Total		$426,650		$438,725		12,075
Previous fair value adjustment balanceDr.						3,220
Fair value adjustmentDr.						$8,855

On January 20, 2018, Ivanhoe, Inc. sold security A for $121,555. The sale proceeds are net of brokerage fees. IvanhoeInc. reports net income in 2017 of $966,000 and in 2018 of $1,127,000. Total holding gains (including any realized holding gain or loss) equal $322,000 in 2018.

(a)

Prepare a statement of comprehensive income for 2017, starting with net income.

IVANHOE, INC Statement of Comprehensive Income For the Year Ended December 31, 2017
Comprehensive IncomeHolding GainsHolding LossNet IncomeOther Comprehensive IncomeReclassification Adjustment for Gain Included in Net IncomeReclassification Adjustment for Loss Included in Net IncomeUnrealized Holding GainUnrealized Holding Loss				$
Comprehensive IncomeHolding GainsHolding LossNet IncomeOther Comprehensive IncomeReclassification Adjustment for Gain Included in Net IncomeReclassification Adjustment for Loss Included in Net IncomeUnrealized Holding GainUnrealized Holding Loss
Comprehensive IncomeHolding GainsHolding LossNet IncomeOther Comprehensive IncomeReclassification Adjustment for Gain Included in Net IncomeReclassification Adjustment for Loss Included in Net IncomeUnrealized Holding GainUnrealized Holding Loss
Comprehensive IncomeHolding GainsHolding LossNet IncomeOther Comprehensive IncomeReclassification Adjustment for Gain Included in Net IncomeReclassification Adjustment for Loss Included in Net IncomeUnrealized Holding GainUnrealized Holding Loss				$

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