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On May 12, Year 1, Chewco Co. purchased 2,000 shares of Jedi Inc. for $112 per share, including the brokerage commission. The Jedi investment was classified as an available-for-sale security. On December 31, Year 1, the fair value of Jedi Inc. was $124 per share. The net income of Chewco Co. was $50,000 for Year 1. Compute the comprehensive income for Chewco Co. for the year ended December 31, Year 1.

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Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124

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BuyFindarrow_forward

Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124
Chapter 15, Problem 28E
Textbook Problem
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On May 12, Year 1, Chewco Co. purchased 2,000 shares of Jedi Inc. for $112 per share, including the brokerage commission. The Jedi investment was classified as an available-for-sale security. On December 31, Year 1, the fair value of Jedi Inc. was $124 per share. The net income of Chewco Co. was $50,000 for Year 1.

Compute the comprehensive income for Chewco Co. for the year ended December 31, Year 1.

To determine

Calculate comprehensive income for Corporation C, for the year ended December 31, Year 1

Explanation of Solution

Comprehensive income: The financial items which result in changes in the stockholders’ equity, other than stock investments and dividends, are referred to as comprehensive income. Comprehensive income should be reported on income statement, and statement of comprehensive income.

Determine comprehensive income for Corporation C, for the year ended December 31, Year 1

Corporation C
Income Statement (Partial)
For the Year Ended December 31, Year 1
Net income$50,000
Other comprehensive income (loss): 
  Unrealized gain on available-for-sale investments24,000
Comprehensive income$74,000

Table (1)

Working Notes:

Compute the unrealized gain (loss) as on December 31...

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Chapter 15 Solutions

Financial Accounting
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