At December 31, 2020, the available-for-sale debt portfolio for Sheridan, Inc. is as follows. Unrealized Security Cost Fair Value Gain (Loss) A $17,800 $15,500 $(2,300 ) 11,300 14,700 3,400 23,700 26,500 2,800 Total $52,800 $56,700 3,900 Previous fair value adjustment balance-Dr. 300 Fair value adjustment-Dr. $3,600 On January 20, 2021, Sheridan, Inc. sold security A for $15,600. The sale proceeds are net of brokerage fees. Sheridan, Inc. reports net income in 2020 of $117,000 and in 2021 of $148,000. Total holding gains (including any realized holding gain or loss) equal $47,000 in 2021.
At December 31, 2020, the available-for-sale debt portfolio for Sheridan, Inc. is as follows. Unrealized Security Cost Fair Value Gain (Loss) A $17,800 $15,500 $(2,300 ) 11,300 14,700 3,400 23,700 26,500 2,800 Total $52,800 $56,700 3,900 Previous fair value adjustment balance-Dr. 300 Fair value adjustment-Dr. $3,600 On January 20, 2021, Sheridan, Inc. sold security A for $15,600. The sale proceeds are net of brokerage fees. Sheridan, Inc. reports net income in 2020 of $117,000 and in 2021 of $148,000. Total holding gains (including any realized holding gain or loss) equal $47,000 in 2021.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please help it says it is wrong.
Transcribed Image Text:At December 31, 2020, the available-for-sale debt portfolio for Sheridan, Inc. is as follows.
Unrealized
Security
Cost
Fair Value
Gain (Loss)
A
$17,800
$15,500
$(2,300 )
B
11,300
14,700
3,400
23,700
26,500
2,800
Total
$52,800
$56,700
3,900
Previous fair value adjustment balance-Dr.
300
Fair value adjustment-Dr.
$3,600
On January 20, 2021, Sheridan, Inc. sold security A for $15,600. The sale proceeds are net of brokerage fees.
Sheridan, Inc. reports net income in 2020 of $117,000 and in 2021 of $148,000. Total holding gains (including any realized holding
gain or loss) equal $47,000 in 2021.
Transcribed Image Text:Your answer is partially correct.
Prepare a statement of comprehensive income for 2020, starting with net income.
SHERIDAN, INC
Statement of Comprehensive Income
For the Year Ended December 31, 2020
Net Income
148000
Other Comprehensive Income
Unrealized Holding Gain
49200
Comprehensive Income
197200
%24
%24
>
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