losses on the discarding of fixed assets are reported in the income statement. true or false

ogress-talse Calculator LM's, Inc. reported net income for the year ending December 31 of $483,500. Dividends paid during the year totaled $52,900. T the end of the year. They also hold trading securities with an original cost of $150,000 and a fair va he company holds available-for-sale securities with an original cost of $162,000 and a fair value of $181,000 at lue of $147,000. nuary 1 was $736,400 and accumulated other comprehensive income on January 1 as $16,200. Required: Calculate the following balances to be reported in the financial statements dated December 31. 1. Valuation Allowance for Available-for-Sale securities 2. Comprehensive Income 3. Retained Earnings 4. Accumulated Other Comprehensive Income