At December 31, 2025, the available-for-sale debt portfolio for Pharoah, Inc. is as follows.SecurityCostFair ValueUnrealizedGain (Loss)A$17,900$14,400$(3,500)B11,10014,0002,900C23,30025,7002,400Total$52,300$54,1001,800Previous fair value adjustment balance-Dr.400Fair value adjustment-Dr.$1,400On January 20, 2026, Pharoah, Inc. sold security A for $14,500. The sale proceeds are net of brokerage fees.Pharoah, Inc. reports net income in 2025 of $115,000 and in 2026 of $138,000. Unrealized holding gains or losses equal $41,000 in2026.(a)Prepare a statement of comprehensive income for 2025, starting with net income.PHAROAH, INCStatement of Comprehensive Income(b)eTextbook and MediaSave for Later$Attempts: 0 of 3 usedSubmit AnswerThe parts of this question must be completed in order. This part will be available when you complete the part above.

Unrealized holding gains or losses refer to changes in the fair value of assets, such as…

At December 31, 2025, the available-for-sale debt portfolio for Pharoah, Inc. is as fol Unrealized Security Cost Fair Value Gain (Loss) A $17,900 $14,400 $(3,500) B 11,100 14,000 2,900 C 23,300 25,700 2,400 Total $52,300 $54,100 1,800 Previous fair value adjustment balance-Dr. 400 Fair value adjustment-Dr. $1,400

At December 31, 2025, the available-for-sale debt portfolio for Pharoah, Inc. is as fol Unrealized Security Cost Fair Value Gain (Loss) A $17,900 $14,400 $(3,500) B 11,100 14,000 2,900 C 23,300 25,700 2,400 Total $52,300 $54,100 1,800 Previous fair value adjustment balance-Dr. 400 Fair value adjustment-Dr. $1,400

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 1MC

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