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On December 31, Year 1, Valur Co. had the following available-for-sale investment disclosure within the Current Assets section of the balance sheet: There were no purchases or sales of available-for-sale investments during Year 2. On December 31, Year 2, the fair value of the available-for-sale investment portfolio was $200,000. The net income of Valur Co. was $210,000 for Year 2. Compute the comprehensive income for Valur Co. for the year ended December 31, Year 2.

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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 29E
Textbook Problem
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On December 31, Year 1, Valur Co. had the following available-for-sale investment disclosure within the Current Assets section of the balance sheet:

Chapter 15, Problem 29E, On December 31, Year 1, Valur Co. had the following available-for-sale investment disclosure within

There were no purchases or sales of available-for-sale investments during Year 2. On December 31, Year 2, the fair value of the available-for-sale investment portfolio was $200,000. The net income of Valur Co. was $210,000 for Year 2.

Compute the comprehensive income for Valur Co. for the year ended December 31, Year 2.

To determine

Calculate comprehensive income for Corporation V, for the year ended December 31, Year 2

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 V, for the year ended December 31, Year 2

Corporation V
Income Statement (Partial)
For the Year Ended December 31, Year 2
Net income$210,000
Other comprehensive income (loss): 

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Chapter 15 Solutions

Financial Accounting
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