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Please see the attached problem. It is due by 8;00pm tonight. Exercise 17-10 At December 31, 2017, the available-for-sale debt portfolio for Splish, Inc. is
Please see the attached problem. It is due by 8;00pm tonight.
Exercise 17-10 At December 31, 2017, the available-for-sale debt portfolio for Splish, Inc. is as follows. Security Cost Fair Value Unrealized Gain (Loss) A $18,375 $15,750 B 13,125 14,700 1,575 C 24,150 26,775 2,625 $55,650 $57,225 1,575 Total Previous fair value adjustment balanceDr. Fair value adjustmentDr. $(2,625 ) 420 $1,155 On January 20, 2018, Splish, Inc. sold security A for $15,855. The sale proceeds are net of brokerage fees. SplishInc. reports net income in 2017 of $126,000 and in 2018 of $147,000. Total holding gains (including any realized holding gain or loss) equal $42,000 in 2018. Prepare a statement of comprehensive income for 2017, starting with net income. SPLISH, INC Statement of Comprehensive Income For the Year Ended December 31, 2017 $ $ Prepare a statement of comprehensive income for 2018, starting with net income. SPLISH, INC Statement of Comprehensive Income For the Year Ended December 31, 2018 $ $ : $ $ $ $ Click if you would like to Show Work for this question: Open Show WorkStep by Step Solution
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