At December 31, 2020, the available-for-sale debt portfolio for Sheridan, Inc. is as follows. Security Cost Fair Value Unrealized Gain (Loss) A $ 17,800 $ 15,500 $( 2,300 ) B 11,300 14,700 3,400 C 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. (a) Prepare a statement of comprehensive income for 2020, starting with net income. SHERIDAN, INC Statement of Comprehensive Income $ $
At December 31, 2020, the available-for-sale debt portfolio for Sheridan, Inc. is as follows. Security Cost Fair Value Unrealized Gain (Loss) A $ 17,800 $ 15,500 $( 2,300 ) B 11,300 14,700 3,400 C 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. (a) Prepare a statement of comprehensive income for 2020, starting with net income. SHERIDAN, INC Statement of Comprehensive Income $ $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
At December 31, 2020, the available-for-sale debt portfolio for Sheridan, Inc. is as follows.
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.
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Security
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Cost
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Fair Value
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Unrealized
Gain (Loss) |
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| A | $ 17,800 | $ 15,500 | $( 2,300 | ) | |||
| B | 11,300 | 14,700 | 3,400 | ||||
| C | 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.
(a)
Prepare a statement of comprehensive income for 2020, starting with net income.
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SHERIDAN, INC
Statement of Comprehensive Income |
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$
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$
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