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On January 1, 2023, Pharoah Corp. had cash and common shares of $70,000. At that date, the company had no other asset, liability, or shareholders'
On January 1, 2023, Pharoah Corp. had cash and common shares of $70,000. At that date, the company had no other asset, liability, or shareholders' equity balances. On January 2, 2023, Pharoah paid $50,000 cash for equity securities that it designated as FVOCl investments. During the year, Pharoah received non-taxable cash dividends of $23,000 and had an unrealized holding gain of $24,000 (net of tax) on these securities. Determine the following amounts for 2023 : (a) Net Income / (Loss) $ (b) Other Comprehensive Income $ (c) Comprehensive Income (d) Accumulated Other Comprehensive Income (as at the end of 2023)
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