Highland Industries Inc. Selected Income Statement Items For the Years Ended December 31, Year 2 and Year 3 Year 2 Year 3 Operating income a. g. Gain (loss) from sale of investments $7,500 $(12,000) Net income (loss) b. (21,000) Highland Industries Inc. Selected Balance Sheet Items December 31, Year 1, Year 2, and Year 3 Dec. 31, Year 1 Dec. 31, Year 2 Dec. 31, Year 3 Assets $ 90,000 $ 86,000 $102,000 Available-for-sale investments, at cost Valuation allowance for available-for-sale investments (11,000) h. 12,000 Available-for-sale investments, at fair value C. i. e. Stockholders' Equity Unrealized gain (loss) on available-for-sale investments Retained earnings d. f. (16,400) $220,000 $175,400 j.
Highland Industries Inc. Selected Income Statement Items For the Years Ended December 31, Year 2 and Year 3 Year 2 Year 3 Operating income a. g. Gain (loss) from sale of investments $7,500 $(12,000) Net income (loss) b. (21,000) Highland Industries Inc. Selected Balance Sheet Items December 31, Year 1, Year 2, and Year 3 Dec. 31, Year 1 Dec. 31, Year 2 Dec. 31, Year 3 Assets $ 90,000 $ 86,000 $102,000 Available-for-sale investments, at cost Valuation allowance for available-for-sale investments (11,000) h. 12,000 Available-for-sale investments, at fair value C. i. e. Stockholders' Equity Unrealized gain (loss) on available-for-sale investments Retained earnings d. f. (16,400) $220,000 $175,400 j.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Highland Industries Inc. makes investments in available-for-sale securities. Selected income statement items for the years ended December 31, Year 2 and Year 3, plus selected items from comparative balance sheets, are as follows:
Please see the attachment for details:
There were no dividends.
Determine the missing lettered items.
Transcribed Image Text:Highland Industries Inc.
Selected Income Statement Items
For the Years Ended December 31, Year 2 and Year 3
Year 2
Year 3
Operating income
a.
g.
Gain (loss) from sale of investments
$7,500
$(12,000)
Net income (loss)
b.
(21,000)
Highland Industries Inc.
Selected Balance Sheet Items
December 31, Year 1, Year 2, and Year 3
Dec. 31, Year 1 Dec. 31, Year 2 Dec. 31, Year 3
Assets
$ 90,000
$ 86,000
$102,000
Available-for-sale investments, at cost
Valuation allowance for available-for-sale investments
(11,000)
h.
12,000
Available-for-sale investments, at fair value
C.
i.
e.
Stockholders' Equity
Unrealized gain (loss) on available-for-sale investments
Retained earnings
d.
f.
(16,400)
$220,000
$175,400
j.
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