Question
On January 1, 2020, Blossom Company had cash and common shares of $40,000. At that date, the company had no other asset, liability, or shareholders'
On January 1, 2020, Blossom Company had cash and common shares of $40,000. At that date, the company had no other asset, liability, or shareholders' equity balances. On January 2, 2020, Blossom Company paid $20,000 cash for equity securities that it designated as fair value through other comprehensive income (FV-OCI) investments. During the year, Blossom Company received non-taxable cash dividends of $8,000 and had an unrealized holding gain of $27,000 (net of tax) on these securities. Determine the following amounts for 2020:
(a)Net Income / (Loss)
$enter a dollar amount
(b)Other Comprehensive Income
$enter a dollar amount
(c)Comprehensive Income
$enter a dollar amount
(d)Accumulated Other Comprehensive Income (as at the end of 2020)
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