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Need help preparing the statement of comprehensive income for 2018 (part B) below. Part B Exercise 17-10 At December 31, 2017, the available-for-sale debt portfolio
Need help preparing the statement of comprehensive income for 2018 (part B) below.
Part B
Exercise 17-10 At December 31, 2017, the available-for-sale debt portfolio for Wildhorse, Inc. is as follows. Unrealized Security Cost Fair Value Gain (Loss) $79,625 $68,250 $(11,375 63,700 56,875 6,825 116,025 11,375 104,650 $241,150 $247,975 Total 6,825 Previous fair value adjustment balance-Dr. 1,820 $5,005 Fair value adjustment-Dr. On January 20, 2018, Wildhorse, Inc. sold security A for $68,705. The sale proceeds are net of brokerage fees. Wildhorse Inc. reports net income in 2017 of $546,000 and in 2018 of $637,000. Total holding gains (including any realized holding gain or loss) equal $182,000 in 2018. Prepare a statement of comprehensive income for 2017, starting with net income. WILDHORSE, INC Statement of Comprehensive Income For the Year Ended December 31, 2017 546000 Net Income Other Comprehensive Income Unrealized Holding Gain 5005 551005 Comprehensive IncomeStep by Step Solution
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