At December 31, 2013, the available-for-sale equity portfolio for Steffi Graf, I

Question

At December 31, 2013, the available-for-sale equity portfolio for Steffi Graf, Inc. is as follows.

Security

Cost

Fair Value

Unrealized
Gain (Loss)

(a) Prepare a statement of comprehensive income for 2013 starting with net income.

b) Prepare a statement of comprehensive income for 2014 starting with net income.

Security

Cost

Fair Value

Unrealized
Gain (Loss)

A $24,693 $21,165 $(3,528 ) B 17,638 19,754 2,116 C 32,453 35,981 3,528 Total $74,784 $76,900 2,116 Previous fair value adjustment balance—Dr. 564 Fair value adjustment—Dr. $1,552

Explanation / Answer

Net Income=0

Available for sale security adjustment=1552

comprehensive income=1552

Ending balance=$1552

b)No data given for 2014

Available for sale security adjustment=1552

comprehensive income=1552

Ending balance=$1552

b)No data given for 2014

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