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At December 31, 2020, the available-for-sale debt portfolio for Wildhorse, Inc. is as follows. Unrealized Gain (Loss) $(2,700) 2,000 3,300 2,600 300 $2,300 Security A B с Total Cost $18,000 12,500 22,200 $52,700 Fair Value Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. $15,300 14,500 25,500 $55,300 On January 20, 2021, Wildhorse, Inc. sold security A for $15,400. The sale proceeds are net of brokerage fees. Wildhorse, Inc. reports net income in 2020 of $122,000 and in 2021 of $142,000. Total holding gains (including any realized holding gain or loss) equal $49,000 in 2021. Prepare a statement of comprehensive income for 2020, starting with net income. WILDHORSE, INC Statement of Comprehensive Income # # + # + $ -

At December 31, 2020, the available-for-sale debt portfolio for Wildhorse, Inc. is as follows. Unrealized Gain (Loss) $(2,700) 2,000 3,300 2,600 300 $2,300 Security A B с Total Cost $18,000 12,500 22,200 $52,700 Fair Value Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. $15,300 14,500 25,500 $55,300 On January 20, 2021, Wildhorse, Inc. sold security A for $15,400. The sale proceeds are net of brokerage fees. Wildhorse, Inc. reports net income in 2020 of $122,000 and in 2021 of $142,000. Total holding gains (including any realized holding gain or loss) equal $49,000 in 2021. Prepare a statement of comprehensive income for 2020, starting with net income. WILDHORSE, INC Statement of Comprehensive Income # # + # + $ -

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At December 31, 2020, the available-for-sale debt portfolio for Wildhorse, Inc. is as follows. Unrealized Gain (Loss) $(2,700) 2,000 3,300 2,600 300 $2,300 Security A B с Total Cost $18,000 12,500 22,200 $52,700 Fair Value Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. $15,300 14,500 25,500 $55,300 On January 20, 2021, Wildhorse, Inc. sold security A for $15,400. The sale proceeds are net of brokerage fees. Wildhorse, Inc. reports net income in 2020 of $122,000 and in 2021 of $142,000. Total holding gains (including any realized holding gain or loss) equal $49,000 in 2021. Prepare a statement of comprehensive income for 2020, starting with net income. WILDHORSE, INC Statement of Comprehensive Income # # # $
Transcribed Image Text:At December 31, 2020, the available-for-sale debt portfolio for Wildhorse, Inc. is as follows. Unrealized Gain (Loss) $(2,700) 2,000 3,300 2,600 300 $2,300 Security A B с Total Cost $18,000 12,500 22,200 $52,700 Fair Value Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. $15,300 14,500 25,500 $55,300 On January 20, 2021, Wildhorse, Inc. sold security A for $15,400. The sale proceeds are net of brokerage fees. Wildhorse, Inc. reports net income in 2020 of $122,000 and in 2021 of $142,000. Total holding gains (including any realized holding gain or loss) equal $49,000 in 2021. Prepare a statement of comprehensive income for 2020, starting with net income. WILDHORSE, INC Statement of Comprehensive Income # # # $
Prepare a statement of comprehensive income for 2021, starting with net income. WILDHORSE, INC Statement of Comprehensive Income + # # + # $ + $ $ !! $ $
Transcribed Image Text:Prepare a statement of comprehensive income for 2021, starting with net income. WILDHORSE, INC Statement of Comprehensive Income + # # + # $ + $ $ !! $ $
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