Question
On January 1, 2020, Larkspur Inc. had the following balance sheet. LARKSPUR INC. BALANCE SHEET AS OF JANUARY 1, 2020 Assets Equity Cash $50,900 Common
On January 1, 2020, Larkspur Inc. had the following balance sheet.
LARKSPUR INC. BALANCE SHEET AS OF JANUARY 1, 2020 | ||||||
Assets | Equity | |||||
Cash | $50,900 | Common stock | $268,800 | |||
Debt investments (available-for-sale) | 260,100 | Accumulated other comprehensive income | 42,200 | |||
Total | $311,000 | Total | $311,000 |
The accumulated other comprehensive income related to unrealized holding gains on available-for-sale debt securities. The fair value of Larkspur Inc.s available-for-sale debt securities at December 31, 2020, was $193,000; its cost was $141,900. No securities were purchased during the year. Larkspur Inc.s income statement for 2020 was as follows. (Ignore income taxes.)
LARKSPUR INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 | ||
Dividend revenue | $4,700 | |
Gain on sale of investments | 29,200 | |
Net income | $33,900 |
Prepare a statement of comprehensive income for 2020.
LARKSPUR INC. Statement of Comprehensive Income |
$ | |||
$ |
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