Intermadte 1

Question 22 Not yet answered Marked out of 1.00 f" Flag question On January 1, 2019, Lee Inc. had cash and share capital of 10,000,000. At that date, the company had no other asset, liability, or equity balances. On January 5, 2019, it purchased for cash 6,000,000 of equity securities that it classified as nontrading. It received cash dividends of 800,000 during the year on these securities. In addition, it has an unrealized loss on these securities of 200,000. The tax rate is 20% Compute the amount of net income and comprehensive income/(loss). 0 net income 480,000, comprehensive income if (160,000) 0 net income 640,000; comprehensive income 480,000 0 net income 420,000; comprehensive income 200,000 0 none of the above