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Indicate any amounts that Ornamental Insulation would report in its 2018 income statement, 2018 statement of comprehensive income, and 12/31/2018 balance sheet as a result
Indicate any amounts that Ornamental Insulation would report in its 2018 income statement, 2018 statement of comprehensive income, and 12/31/2018 balance sheet as a result of these investments. (Amounts to be deducted should be indicated with a minus sign.)
1) I'm confused on why the $2,385,000 is not correct when it says the other numbers are correct?
2) I don't know what I am missing in regards to NI, retained earnings, and current assets.
Answer is not complete. Complete this question by entering your answers in the tabs below. 33.33 points Required 1 Required 2 Indicate any amounts that Ornamental Insulation would report in its 2018 income statement, 2018 statement of comprehensive income, and 12/31/2018 balance sheet as a result of these investments. (Amounts to be deducted should be indicated with a minus sign.) Income statement: Interest revenue Gain on sale of investments 47,500 28,000 75,500 $ 75,500 Net income Statement of comprehensive income: Net income Other comprehensive income Unrealized holding gain-OCI Reclassification adjustmentOCI Comprehensive income Balance sheet: Assets Current Assets Interest receivable $ 58,000 28,000 30,000 105,500 $ $ 34,600 $ 2,355,000 30,000 $ 2,385,000 Investments Securities available-for-sale Add: Fair value adjustment Shareholders' Equity Retained earnings Accumulated other comprehensive income $ 75,500 Required 1 Required 23 Answer is not complete. Complete this question by entering your answers in the tabs below. 33.33 points Required 1 Required 2 Indicate any amounts that Ornamental Insulation would report in its 2018 income statement, 2018 statement of comprehensive income, and 12/31/2018 balance sheet as a result of these investments. (Amounts to be deducted should be indicated with a minus sign.) Income statement: Interest revenue Gain on sale of investments 47,500 28,000 75,500 $ 75,500 Net income Statement of comprehensive income: Net income Other comprehensive income Unrealized holding gain-OCI Reclassification adjustmentOCI Comprehensive income Balance sheet: Assets Current Assets Interest receivable $ 58,000 28,000 30,000 105,500 $ $ 34,600 $ 2,355,000 30,000 $ 2,385,000 Investments Securities available-for-sale Add: Fair value adjustment Shareholders' Equity Retained earnings Accumulated other comprehensive income $ 75,500 Required 1 Required 23Step by Step Solution
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