The following is from the 2024 annual report of Kaufman Chemicals, Incorporated:Statements of Comprehensive IncomeNet incomeOther comprehensive income:Change in net unrealized gains on AFS investments, net of tax of$31, ($19), and $21 in 2024, 2023, and 2022, respectivelyOtherTotal comprehensive income($ in millions)Shareholders' equity:Common stockAdditional paid-in capitalRetained earningsAccumulated other comprehensive incomeTotal shareholders' equityAccumulated other comprehensive income, 2023Kaufman reports accumulated other comprehensive income in its balance sheet as a component of shareholders' equity as follows:Accumulated other comprehensive income, 20242024$3959,3838,463138$ 18,379($ in millions)Years Ended December 31202320242022$818$ 673$98844(2)$ 1,0302023(27)(3)$788$3959,3837,90796$ 17,781Required:3. From the information provided, determine how Kaufman calculated the $138 million accumulated other comprehensive income in2024.Note: Negative amount should be indicated by a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as10).282$ 703 During its first year of operations, Eastern Data Links Corporation entered into the following transactions relating to shareholders'equity. The articles of incorporation authorized the issue of 8 million common shares, $1 par per share, and 1 million preferred shares,$50 par per share.February 12 Sold 2 million common shares, for $9 per share.February 13 Issued 40,000 common shares to attorneys in exchange for legal services.February 13 Sold 80,000 of its common shares and 4,000 preferred shares for a total of $945,000.November 15 Issued 380,000 of its common shares in exchange for equipment for which the cash price was known to be $3,688,000.Required:Prepare the appropriate journal entries to record each transaction.Note: If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Enter youranswers in whole dollars and not in millions.View transaction listJournal entry worksheet<12Sold 2 million common shares, for $9 per share.DateFebruary 123 4Note: Enter debits before credits.Record entryGeneral JournalClear entryDebitCreditView general journal>

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The following is from the 2024 annual report of Kaufman Chemicals, Incorporated: Statements of Comprehensive Income Net income Other comprehensive income: Change in net unrealized gains on AFS investments, net of tax of $31, ($19), and $21 in 2024, 2023, and 2022, respectively Other Total comprehensive income ($ in millions) Shareholders' equity: Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive income Total shareholders' equity Accumulated other comprehensive income, 2023 Kaufman reports accumulated other comprehensive income in its balance sheet as a component of shareholders' equity as follows: Accumulated other comprehensive income, 2024 2024 $395 9,383 8,463 138 $ 18,379 ($ in millions) 2024 Years Ended December 31 2023 $818 2022 $ 673 $988 44 (2) $ 1,030 2023 (27) (3) $788 $395 9,383 7,907 96 $ 17,781 Required: 3. From the information provided, determine how Kaufman calculated the $138 million accumulated other comprehensive income in 2024. Note: Negative amount should be indicated by a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). 28 2 $ 703

The following is from the 2024 annual report of Kaufman Chemicals, Incorporated: Statements of Comprehensive Income Net income Other comprehensive income: Change in net unrealized gains on AFS investments, net of tax of $31, ($19), and $21 in 2024, 2023, and 2022, respectively Other Total comprehensive income ($ in millions) Shareholders' equity: Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive income Total shareholders' equity Accumulated other comprehensive income, 2023 Kaufman reports accumulated other comprehensive income in its balance sheet as a component of shareholders' equity as follows: Accumulated other comprehensive income, 2024 2024 $395 9,383 8,463 138 $ 18,379 ($ in millions) 2024 Years Ended December 31 2023 $818 2022 $ 673 $988 44 (2) $ 1,030 2023 (27) (3) $788 $395 9,383 7,907 96 $ 17,781 Required: 3. From the information provided, determine how Kaufman calculated the $138 million accumulated other comprehensive income in 2024. Note: Negative amount should be indicated by a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). 28 2 $ 703

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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