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The following information appears on Anderson Corporation's balance sheet at December 31, 2020, with comparative information for December 31, 2019: 2020 2019 Noncurrent assets: AFS
The following information appears on Anderson Corporation's balance sheet at December 31, 2020, with comparative information for December 31, 2019: 2020 2019 Noncurrent assets: AFS securities $460,000 $520,000 Equity Accumulated other comprehensive income (AOCI) Unrealized gains on AFS securities 65,000 60,000 Anderson's 2020 income statement reports the following: Gains on sale of AFS securities 20,000 Anderson's 2020 statement of comprehensive income reports the following information: Unrealized gains on AFS securities 15,000 Reclassification of unrealized gains on AFS securities (10,000) Anderson did not make any new investments in AFS securities in 2020. Required a. Calculate the original cost of the AFS securities held on December 31, 2020 b. Calculate the cash Anderson received on the sale of AFS securities in 2020
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