The following is from the 2021 annual report of Kaufman Chemicals, Inc.:Statements of Comprehensive IncomeNet incomeOther comprehensive income:Change in net unrealized gains on AFS investments, net of tax of$25, ($13), and $22 in 2021, 2020, and 2019, respectivelyOtherTotal comprehensive incomeShareholders' equity:Common stockAdditional paid-in capitalRetained earningsAccumulated other comprehensive incomeTotal shareholders' equityAccumulated other comprehensive income, 20203658,7777,857119$17,118Accumulated other comprehensive income, 2021Years Ended December 3120193658,7777,30184$16,527($ in millions)2021$92238(3)Kaufman reports accumulated other comprehensive income in its balance sheet as a component of shareholders' equity as follows:($ in millions)20212020$9572020$752(24)(1)$727$607Required:4. From the information provided, determine how Kaufman calculated the $119 million accumulated other comprehensive income in2021. (Negative amount should be indicated by a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as10).)301$638

In business accounting, revenues, costs, gains, and losses that have varied due to market changes…

Required: 4. From the information provided, determine how Kaufman calculated the $119 million accumulated other comprehensive income in 2021. (Negative amount should be indicated by a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Accumulated other comprehensive income, 2020 Accumulated other comprehensive income, 2021 ($ in millions)

Required: 4. From the information provided, determine how Kaufman calculated the $119 million accumulated other comprehensive income in 2021. (Negative amount should be indicated by a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Accumulated other comprehensive income, 2020 Accumulated other comprehensive income, 2021 ($ in millions)

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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