Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

View Policies Current Attempt in Progress At December 31, 2020, the available-for-sale debt portfolio for Pharoah, Inc. is as follows. A Security Cost Fair Value

image text in transcribed
image text in transcribed
image text in transcribed
View Policies Current Attempt in Progress At December 31, 2020, the available-for-sale debt portfolio for Pharoah, Inc. is as follows. A Security Cost Fair Value A $17.400 $14.900 B 11,300 15,500 22,200 25.900 Total $50,900 $56,300 Previous fair value adjustment balance Dr. Fair value adjustment-Dr. Unrealized Gain (Loss) $(2,500) 4,200 3,700 5,400 400 $5,000 On January 20, 2021, Pharoah, Inc. sold security A for $15,000. The sale proceeds are net of brokerage fees. Pharoah, Inc. reports net income in 2020 of $119.000 and in 2021 of $147.000. Total holding gains (including any realized holding gain or loss) equal $42.000 in 2021 Prepare a statement of comprehensive income for 2020, starting with net income. Prepare a statement of comprehensive income for 2020, starting with net income. PHAROAH, INC Statement of Comprehensive Income $ e Textbook and Media con 3 of 4 -/1 PHAROAH, INC Statement of Comprehensive Income

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Ebook Principles Of Financial Accounting

Authors: John Wild, Ken Shaw, Barbara Chiappetta

2nd Edition

0077166183, 9780077166182

More Books

Students also viewed these Accounting questions