On May 12, Year 1, Chewco Co. purchased 2,000 shares of Jedi Inc. for $112 per share, including the brokerage commission. The Jedi investment was classified as an available-for-sale security. On December 31, Year 1, the fair value of Jedi Inc. was $124 per share. The net income of Chewco Co. was $50,000 for Year 1. Compute the comprehensive income for Chewco Co. for the year ended December 31, Year 1.
On May 12, Year 1, Chewco Co. purchased 2,000 shares of Jedi Inc. for $112 per share, including the brokerage commission. The Jedi investment was classified as an available-for-sale security. On December 31, Year 1, the fair value of Jedi Inc. was $124 per share. The net income of Chewco Co. was $50,000 for Year 1. Compute the comprehensive income for Chewco Co. for the year ended December 31, Year 1.
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter15: Investments And Fair Value Accounting
Section: Chapter Questions
Problem 28E
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On May 12, year 1, Chewco Co. Purchased... Please provide answer the general accounting question

Transcribed Image Text:On May 12, Year 1, Chewco Co. purchased 2,000 shares of
Jedi Inc. for $112 per share, including the brokerage
commission. The Jedi investment was classified as an
available-for-sale security. On December 31, Year 1, the fair
value of Jedi Inc. was $124 per share. The net income of
Chewco Co. was $50,000 for Year 1.
Compute the comprehensive income for Chewco Co. for the
year ended December 31, Year 1.
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