Question
On January 1, 2020, Marigold Inc. had cash and common stock of $63,350. At that date, the company had no other asset, liability, or equity
On January 1, 2020, Marigold Inc. had cash and common stock of $63,350. At that date, the company had no other asset, liability, or equity balances. On January 2, 2020, it purchased for cash $20,540 of debt securities that it classified as available-for-sale. It received interest of $4,060 during the year on these securities. In addition, it has an unrealized holding gain on these securities of $5,000 net of tax. Determine the following amounts for 2020: (a) net income, (b) comprehensive income, (c) other comprehensive income, and (d) accumulated other comprehensive income (end of 2020).
(a) | Net income | $enter net income in dollars | ||
(b) | Comprehensive income | $enter comprehensive income in dollars | ||
(c) | Other comprehensive income | $enter other comprehensive income in dollars | ||
(d) | Accumulated other comprehensive income | $enter accumulated other comprehensive income in dollars |
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