ABC Company has an income tax rate of 30% and an unrealized gain on available-for-sale securities of $23,000 for the year. How would this be included in comprehensive income?
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Supreeta N.
At December 31, 2020, the available-for-sale debt portfolio for Ivanhoe, Inc. is as follows. Security Cost Fair Value Unrealized Gain (Loss) A $17,100 $14,200 $(2,900) B $11,800 $15,300 $3,500 C $22,000 $25,600 $3,600 Total $50,900 $55,100 $4,200 Previous fair value adjustment balance—Dr. 300 Fair value adjustment—Dr. $3,900 On January 20, 2021, Ivanhoe, Inc. sold security A for $14,300. The sale proceeds are net of brokerage fees. Ivanhoe, Inc. reports net income in 2020 of $117,000 and in 2021 of $141,000. Total holding gains (including any realized holding gain or loss) equal $42,000 in 2021. A. Prepare a statement of comprehensive income for 2020, starting with net income. B. Prepare a statement of comprehensive income for 2021, starting with net income.
Akash M.
Harvatin Group reported net income totaling $1,000,000 for the year 2006. The following is additional information obtained from the Harvatin Group's financial reports: The Company purchased 100,000 shares of Micron Specialists for $10 per share during the fourth quarter of 2006. The investment is accounted for as "available for sale." The value of the shares is $9 at the end of 2006. The Company purchased 10,000 shares of Sunswept Properties for $20 per share during the fourth quarter of 2006. The investment is accounted for as "trading" securities. The value of the shares is $22 at the end of 2006. The company began operations in the Baltic region of Europe during the year and reports a foreign currency translation gain at the end of 2006 totaling $50,000. The decrease in the net pension assets for the year was $175,000. However, the periodic pension expense reported in the income statement was only $100,000. The company reported unrealized holding losses on derivative instruments totaling $12,000. Required: a. Compute comprehensive income for Harvatin Group. b. For each item in comprehensive income, discuss balance sheet accounts affected by the item.
Adi S.
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