Exercise 17-10 At December 31, 2017 the available-for-sale debt portfolio for Cu

Question

Exercise 17-10 At December 31, 2017 the available-for-sale debt portfolio for Culver, Inc. is as follows. Unrealiz Fair Value Gain (Loss) $120,750 12,075 Security Cost 140,875 100,625 185,150 426,650 $(20,125) 112,700 205,275 $438,725 20,125 12,075 3,220 $8,855 Total Previous fair value adjustment ba ance-Dr On January 20, 2018 Culver, Inc. sold security A for $121,555. The sale proceeds are net of brokerage fees. ulverlnc, report t income in 2017 of $966,000 and in 2018 of $1,127,000. Total holding gains (including any realized holding gain or loss) equal $322,000 in 2018. Prepare a statem ntof comprehensive income for 2017, starting with net income. CULVER, INC of ber 31, 2017 Prepare a statement of comprehensive income for 2018, starting with net income.

Explanation / Answer

Sincee, multiple questions have been posted, I have answered the first one relating to "Statement of Comprehensive income".

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The statement of comprehensive income for each year is prepared as below:

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Culver Incorporation Statement of Comprehensive Income For the Year Ended December 31, 2017 Net Income $966,000 Other Comprehensive Income Unrealized Holding Gain 8,855 Comprehensive Income $974,855

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