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Income Statement (selected Items) For the Year Ended December 31, Year 2 Income from operations $129,000 Gain on sale of investments 9,000 Unrealized loss on
Income Statement (selected Items) For the Year Ended December 31, Year 2 Income from operations $129,000 Gain on sale of investments 9,000 Unrealized loss on trading Investments (28,000) Net Income $110,000 The balance sheet dated December 31, Year 1, showed a Retained Earnings balance of $536,000. During Year 2, the company purchased trading Investments for the first time at a cost of $145,000. In addition, trading investments with a cost of $40,000 were sold at a gain during Year 2. The company pald $31,000 in dividends during Year 2. a. Determine the December 31, Year 2, Retained Earnings balance. b. Provide the December 31, Year 2, balance sheet disclosure for Trading Investments Delta-tec, Inc. Balance Sheet Disclosure for Trading Investments For December 31, Year 2
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