The following information is available for Kingston Corporation for 2023: Item Net Income Realized gain on sale of available-for-sale securities Amount ($) $150,000 $12,000 Unrealized holding gain arising during the period on available-for- $30,000 sale securities Reclassification adjustment for gains included in net income Required: a. Determine other comprehensive income for 2023. b. Compute comprehensive income for 2023. $10,000

The following information is available for Kingston Corporation for 2023: Item Net Income Realized gain on sale of available-for-sale securities Amount ($) $150,000 $12,000 Unrealized holding gain arising during the period on available-for- $30,000 sale securities Reclassification adjustment for gains included in net income Required: a. Determine other comprehensive income for 2023. b. Compute comprehensive income for 2023. $10,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 2MC: During 2021, Anthony Company purchased debt securities as a long-term investment and classified them...

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Sunland Company reported the following information for 2025: Sales revenue Cost of goods sold Operating expenses Unrealized holding gain on available-for-sale debt securities Cash dividends received on the securities O $490300. O $404600. $480700. $2420000 O $85700. 1754000 271000 85700 For 2025, Sunland would report comprehensive income (ignoring tax effects) of 9600
Cullumber Corporation reported the following information for 2021: Sales revenue Cost of goods sold Operating expenses Unrealized holding gain on available-for-sale securities Cash dividends received on the securities $1034000 For 2021, Cullumber would report comprehensive income of $241956. $237820. $200596. O $41360. 723800 113740 41360 4136
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On January 1, 2025, Sandhill Inc. had the following balance sheet. Sandhill Inc. Balance Sheet As of January 1, 2025 Assets Equity Cash $54,200 Common stock $260,800 Debt investments (available-for-sale) Total 220,700 Accumulated other comprehensive income 14,100 $274,900 Total $274,900 The accumulated other comprehensive income related to unrealized holding gains on available-for-sale debt securities. The fair value of Sandhill Inc.'s available-for-sale debt securities at December 31, 2025, was $185,300; its cost was $127,000. No securities were purchased during the year. Sandhill Inc's income statement for 2025 was as follows. (Ignore income taxes.) Sandhill Inc. Income Statement As of January 1, 2025 Dividend revenue $5,300 Gain on sale of investments 27,300 Net income $32,600 Prepare the journal entry to record the sale of the available-for-sale debt securities in 2025. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is…