Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The 2004 annual report of Genentech reports the following data about its marketable securities held available for sale. Genentech Securities Available for Sale Data from
The 2004 annual report of Genentech reports the following data about its marketable securities held available for sale. Genentech Securities Available for Sale Data from 2004 Annual Report (Dollar Amounts in Millions) At Year End During Year Ended 12/31 Gross Unrealized Realized Original Fair Year Proceeds Gains (Losses) Cost Gains (Losses) Value of Sale $517 $81 $(4) $594 2003 $410 $13 $(2) 883 90 (6) 967 2004 431 10 (2) Dec. 31-03 Dec. 31-04 Required: a. What was the original cost of the securities available for sale that Genentech sold during the year 2004? b. What was the original cost of the securities available for sale that Genentech purchased during the year 2004? (Hint: use the table of accounts) c. What was Genentech's Other Comprehensive Income (change in Accumulated Other Comprehensive Income over the year) related to securities available for sale for 2004? d. What was the net gain or loss related on securities available for sale on Income Statement for the year 2004
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started