At December 31, 2020, the available-for-sale debt portfolio for Sheridan, Inc. is as follows. Security Cost Fair Value Unrealized Gain (Loss) A $ 17,800 $ 15,500 $( 2,300 ) B 11,300 14,700 3,400 C 23,700 26,500 2,800 Total $ 52,800 $ 56,700 3,900 Previous fair value adjustment balance—Dr. 300 Fair value adjustment—Dr. $ 3,600 On January 20, 2021, Sheridan, Inc. sold security A for $ 15,600. The sale proceeds are net of brokerage fees. Sheridan, Inc. reports net income in 2020 of $ 117,000 and in 2021 of $ 148,000. Total holding gains (including any realized holding gain or loss) equal $ 47,000 in 2021. (a) Prepare a statement of comprehensive income for 2020, starting with net income. SHERIDAN, INC Statement of Comprehensive Income $ $
At December 31, 2020, the available-for-sale debt portfolio for Sheridan, Inc. is as follows. Security Cost Fair Value Unrealized Gain (Loss) A $ 17,800 $ 15,500 $( 2,300 ) B 11,300 14,700 3,400 C 23,700 26,500 2,800 Total $ 52,800 $ 56,700 3,900 Previous fair value adjustment balance—Dr. 300 Fair value adjustment—Dr. $ 3,600 On January 20, 2021, Sheridan, Inc. sold security A for $ 15,600. The sale proceeds are net of brokerage fees. Sheridan, Inc. reports net income in 2020 of $ 117,000 and in 2021 of $ 148,000. Total holding gains (including any realized holding gain or loss) equal $ 47,000 in 2021. (a) Prepare a statement of comprehensive income for 2020, starting with net income. SHERIDAN, INC Statement of Comprehensive Income $ $
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...
Related questions
Question
At December 31, 2020, the available-for-sale debt portfolio for Sheridan, Inc. is as follows.
On January 20, 2021, Sheridan, Inc. sold security A for $ 15,600. The sale proceeds are net of brokerage fees.
Sheridan, Inc. reports net income in 2020 of $ 117,000 and in 2021 of $ 148,000. Total holding gains (including any realized holding gain or loss) equal $ 47,000 in 2021.
|
Security
|
Cost
|
Fair Value
|
Unrealized
Gain (Loss) |
||||
| A | $ 17,800 | $ 15,500 | $( 2,300 | ) | |||
| B | 11,300 | 14,700 | 3,400 | ||||
| C | 23,700 | 26,500 | 2,800 | ||||
| Total | $ 52,800 | $ 56,700 | 3,900 | ||||
| Previous fair value adjustment balance—Dr. | 300 | ||||||
| Fair value adjustment—Dr. | $ 3,600 |
On January 20, 2021, Sheridan, Inc. sold security A for $ 15,600. The sale proceeds are net of brokerage fees.
Sheridan, Inc. reports net income in 2020 of $ 117,000 and in 2021 of $ 148,000. Total holding gains (including any realized holding gain or loss) equal $ 47,000 in 2021.
(a)
Prepare a statement of comprehensive income for 2020, starting with net income.
|
SHERIDAN, INC
Statement of Comprehensive Income |
||||
|
|
$
|
|||
|
|
||||
|
|
|
|||
|
|
|
$
|
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning