Exercise 17-10 (Part Level Submission) At December 31, 2017, the available-for-s

Question

Exercise 17-10 (Part Level Submission) At December 31, 2017, the available-for-sale debt portfolio for Carla, Inc. is as follows Unrealized Gain (Loss) Security Cost Fair Value $228,375 163,125 300,150 $691,650 $195,750 182,700 332,775 $711,225 $(32,625) 19,575 32,625 19,575 5,220 $14,355 Total Previous fair value adjustment balance-Dr. Fair value adjustment-Dr On January 20, 2018, Carla, Inc. sold security A for $197,055. The sale proceeds are net of brokerage fees CarlaInc. reports net income in 2017 of $1,566,000 and in 2018 of $1,827,000. Total holding gains (including any realized holding gain or loss) equal $522,000 in 2018 (a) Prepare a statement of comprehensive incoe for 2017, starting with net income CARLA, INC Statement of Comprehensive Income For the Year Ended December 31, 2017 Net Income Other Comprehensive Income Unrealized Holding Gain Comprehensive Income

Explanation / Answer

Answer a. CARLA INC Statement of Comprehensive Income For the Year Ended Dec 31, 2017 Net Income    1,566,000.00 Other Comprehensive Income Unrealized Holding Gain          14,355.00 Comprehensive Income    1,580,355.00

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.