Determine the missing items. If required, use the minus sign to indicate a net or operating loss, unrealized losses, or a credit balance in the valuation allowance account. Highland Industries Inc. Selected Income Statement Items For the Years Ended December 31, Year 2 and Year 3 Year 2 Year 3 Operating Income (Loss) $fill in the blank 4a02a8fb0ff3010_1 $fill in the blank 4a02a8fb0ff3010_2 Gain (Loss) from Sale of Investments 5,890 (11,780) Net Income (Loss) $fill in the blank 4a02a8fb0ff3010_3 $(16,200) Highland Industries Inc. Selected Balance Sheet Items December 31, Year 1, Year 2, and Year 3 Dec. 31, Year 1 Dec. 31, Year 2 Dec. 31, Year 3 Assets Available-for-Sale Investments, at Cost $114,860 $100,130 $139,890 Valuation Allowance for Available-for-Sale Investments 7,360 (8,840) fill in the blank b142bc0b505c055_1 Available-for-Sale Investments, at Fair Value fill in the blank b142bc0b505c055_2 fill in the blank b142bc0b505c055_3 fill in the blank b142bc0b505c055_4 Stockholders' Equity Unrealized Gain (Loss) on Available-for-Sale Investments fill in the blank b142bc0b505c055_5 fill in the blank b142bc0b505c055_6 (10,310) Retained Earnings $241,490 $341,620 $fill in the blank b142bc0b505c055_7

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter7: Financial Statements For A Proprietorship

Section: Chapter Questions

Problem 1MP

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Determine the missing items. If required, use the minus sign to indicate a net or operating loss, unrealized losses, or a credit balance in the valuation allowance account.

Highland Industries Inc.
Selected Income Statement Items
For the Years Ended December 31, Year 2 and Year 3
	Year 2	Year 3
Operating Income (Loss)	$fill in the blank 4a02a8fb0ff3010_1	$fill in the blank 4a02a8fb0ff3010_2
Gain (Loss) from Sale of Investments	5,890	(11,780)
Net Income (Loss)	$fill in the blank 4a02a8fb0ff3010_3	$(16,200)

Highland Industries Inc.
Selected Balance Sheet Items
December 31, Year 1, Year 2, and Year 3
	Dec. 31, Year 1	Dec. 31, Year 2	Dec. 31, Year 3
Assets
Available-for-Sale Investments, at Cost	$114,860	$100,130	$139,890
Valuation Allowance for Available-for-Sale Investments	7,360	(8,840)	fill in the blank b142bc0b505c055_1
Available-for-Sale Investments, at Fair Value	fill in the blank b142bc0b505c055_2	fill in the blank b142bc0b505c055_3	fill in the blank b142bc0b505c055_4
Stockholders' Equity
Unrealized Gain (Loss) on Available-for-Sale Investments	fill in the blank b142bc0b505c055_5	fill in the blank b142bc0b505c055_6	(10,310)
Retained Earnings	$241,490	$341,620	$fill in the blank b142bc0b505c055_7

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