Question
Flint Umbrella Corporation had the following balances at December 31, 2016 (all amounts in thousands): preferred shares, $3,090; common shares, $7,848; contributed surplus, $3,420; retained
Flint Umbrella Corporation had the following balances at December 31, 2016 (all amounts in thousands): preferred shares, $3,090; common shares, $7,848; contributed surplus, $3,420; retained earnings, $20,451; and accumulated other comprehensive income, $2,457. During the year ended December 31, 2017, the company earned net income of $6,425,000, generated an unrealized holding gain on FV-OCI investments of $506,000, sold common shares of $261,000, and paid out dividends of $30,000 and $20,000 to preferred and common shareholders, respectively. Gains/losses on FV-OCI investments are recycled through net income.
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