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Exercise 17-10 (Part Level Submission) At December 31, 2017, the available-for-sale debt portfolio for Monty, Inc. is as follows. Security Cost Fair Value $175,875 $150,750
Exercise 17-10 (Part Level Submission) At December 31, 2017, the available-for-sale debt portfolio for Monty, Inc. is as follows. Security Cost Fair Value $175,875 $150,750 125,625 140,700 231,150 256,275 Total $532,650 $547,725 Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. Unrealized Gain (Loss) $(25,125) 15,075 25,125 15,075 4,020 $11,055 On January 20, 2018, Monty, Inc. sold security A for $151,755. The sale proceeds are net of brokerage fees. MontyInc. reports net income in 2017 of $1,206,000 and in 2018 of $1,407,000. Total holding gains (including any realized holding gain or loss) equal $402,000 in 2018. (a) Prepare a statement of comprehensive income for 2017, starting with net income. MONTY, INC Statement of Comprehensive Income For the Year Ended December 31, 2017
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