Question
WILSON HAS THE FOLLOWING 2019 DATA: BEGINNING BALANCES: RETAINED EARNINGS 71,000ACCUMULATED OCI 1,400COMMON STOCK 250,000 ACCUMULATED OCI INCLUDES $950 UNREALIZED GAIN FROM AFS DEBT SECURITY
WILSON HAS THE FOLLOWING 2019 DATA:
BEGINNING BALANCES: RETAINED EARNINGS 71,000ACCUMULATED OCI 1,400COMMON STOCK 250,000
ACCUMULATED OCI INCLUDES $950 UNREALIZED GAIN FROM AFS DEBT SECURITY X
2019 ACTIVITY: NET INCOME 88,000 DIVIDENDS DECLARED 35,000
NET INCOME INCLUDES REALIZED GAIN FROM AFS DEBT SECURITY X
AFS DEBTSECURITY XIS BOUGHT IN 2018 AND IS SOLD IN 2019.
AFS DEBTSECURITY YIS BOUGHT ON 10/16/2019, THE COST IS $10,000, 2019 YEAR-END FAIR MARKET VALUE IS $10,600. SECURITY Y IS SOLD ON 3/12/2020.
REQUIRED: WHAT IS 2019 COMPREHENSIVE INCOME?
REQUIRED: WHAT IS ACCUMULATED OCI AT 12/31/2019?
REQUIRED: WHAT IS RETAINED EARNINGS AT 12/31/2019?
REQUIRED: WHAT IS TOTAL EQUITY AT 12/31/2019?
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