PRINTER VERSION BACK NEXT Exercise 17-10 (Part Level Submission) At December 31,

Question

PRINTER VERSION BACK NEXT Exercise 17-10 (Part Level Submission) At December 31, 2017, the available-for-sale debt portfolio for Whispering, Inc. is as follows Unrealized Gain (Loss) Securit Cost Fair Value $114,625 81,875 150,650 $347,150 $98,250 91,700 167,025 $356,975 $(16,375) 9,825 16,375 9,825 2,620 $7,205 Total Previous fair value adjustment balance- Dr Fair value adjustment-Dr. On January 20, 2018, Whispering, Inc. sold security A for $98,905. The sale proceeds are net of brokerage fees WhisperingInc. reports net income in 2017 of $786,000 and in 2018 of $917,000. Total holding gains (including any realized holding gain or loss) equal $262,000 in 2018 Your answer is partially correct. Try again Prepare a statement of comprehensive income for 2017, starting with net income WHISPERING, INC Statement of Comprehensive Income For the Year Ended December 31, 2017 Net Income 917,000

Explanation / Answer

Statement for the comprehensive income For the year ended December 31 2017 Net Income $786,000 Other Comprehensive Income unrealized Holding arise during the year $7,205 Comprehensive income $793,205

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