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Missing Statement Items, Available-for-Sale Securities Highland Industries Inc. makes investments in available-for-sale securities. Selected income statement items for the years ended December 31, Year 2

  1. Missing Statement Items, Available-for-Sale Securities

    Highland Industries Inc. makes investments in available-for-sale securities. Selected income statement items for the years ended December 31, Year 2 and Year 3, plus selected items from comparative balance sheets, are as follows:

    There were no dividends.

    Determine the missing items. If required, use the minus sign to indicate a net or operating loss, unrealized losses, or a credit balance in the valuation allowance account.

    Highland Industries Inc.
    Selected Income Statement Items
    For the Years Ended December 31, Year 2 and Year 3
    Year 2 Year 3
    Operating Income (Loss) $ $
    Gain (Loss) from Sale of Investments 4,980 (9,960)
    Net Income (Loss) $ $(13,700)

    Highland Industries Inc.
    Selected Balance Sheet Items
    December 31, Year 1, Year 2, and Year 3
    Dec. 31, Year 1 Dec. 31, Year 2 Dec. 31, Year 3
    Assets
    Available-for-Sale Investments, at Cost $97,110 $84,660 $118,280
    Valuation Allowance for Available-for-Sale Investments 6,230 (7,470)
    Available-for-Sale Investments, at Fair Value
    Stockholders' Equity
    Unrealized Gain (Loss) on Available-for-Sale Investments (8,720)
    Retained Earnings $204,180 $288,840 $

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