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Calculate the following balances to be reported in the financial statements dated December 31. 1. Valuation Allowance for Available-for-Sale securities 2. Comprehensive Income 3. Retained Earnings 4. Accumulated Other Comprehensive Income

Calculate the following balances to be reported in the financial statements dated December 31. 1. Valuation Allowance for Available-for-Sale securities 2. Comprehensive Income 3. Retained Earnings 4. Accumulated Other 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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Calculator LM's, Inc. reported net income for the year ending December 31 of $483,500. Dividends paid during the year totaled $52,900. The company holds available-for-sale securities with an original cost of $162,000 and a fair value of $181,000 at the end of the year. They also hold trading securities with an original cost of $150,000 and a fair value of $147,000. Retained earnings on January 1 was $736,400 and accumulated other comprehensive income on January 1 as $16,200. Required: Calculate the following balances to be reported in the financial statements dated December 31. 1. Valuation Allowance for Available-for-Sale securities 2. Comprehensive Income 3. Retained Earnings 4. Accumulated Other Comprehensive Income 12:43 PM
Transcribed Image Text:Calculator LM's, Inc. reported net income for the year ending December 31 of $483,500. Dividends paid during the year totaled $52,900. The company holds available-for-sale securities with an original cost of $162,000 and a fair value of $181,000 at the end of the year. They also hold trading securities with an original cost of $150,000 and a fair value of $147,000. Retained earnings on January 1 was $736,400 and accumulated other comprehensive income on January 1 as $16,200. Required: Calculate the following balances to be reported in the financial statements dated December 31. 1. Valuation Allowance for Available-for-Sale securities 2. Comprehensive Income 3. Retained Earnings 4. Accumulated Other Comprehensive Income 12:43 PM
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