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Security Apple Banana Crisp Total Cost $33,600 175,000 59,400 Fair Value $31,000 174,000 68,500 $268,000 $273,500 December 31, 2025, fair value adjustment balance-Dr. $5,400

Security Apple Banana Crisp Total Cost $33,600 175,000 59,400 Fair Value $31,000 174,000 68,500 $268,000 $273,500 December 31, 2025, fair value adjustment balance-Dr. $5,400

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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3 Security Apple Banana Crisp Total Cost (a) $33,600 175,000 59,400 $268,000 Fair Value $31,000 174,000 68,500 $273,500 December 31, 2025, fair value adjustment balance-Dr. $5,400 On January 20, 2026, Zorro sold Apple for $31,100. The sale proceeds are net of brokerage fees. Zorro Foods Corp. reports net income in 2025 of $689,600 and in 2026 of $235,000. Total unrealized holding gains (including any realized holding gain or loss) arising during 2026 totals $26,600. A Prepare a statement of comprehensive income for 2025 starting with net income. ZORRO FOODS CORP. Statement of Comprehensive Income > $
Transcribed Image Text:3 Security Apple Banana Crisp Total Cost (a) $33,600 175,000 59,400 $268,000 Fair Value $31,000 174,000 68,500 $273,500 December 31, 2025, fair value adjustment balance-Dr. $5,400 On January 20, 2026, Zorro sold Apple for $31,100. The sale proceeds are net of brokerage fees. Zorro Foods Corp. reports net income in 2025 of $689,600 and in 2026 of $235,000. Total unrealized holding gains (including any realized holding gain or loss) arising during 2026 totals $26,600. A Prepare a statement of comprehensive income for 2025 starting with net income. ZORRO FOODS CORP. Statement of Comprehensive Income > $
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