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Compute the available-for-sale debt portfolio for teal

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Question: At December 31, 2017, the available-for-sale debt portfolio for Teal, Inc. is as follows. Prepare a statement of comprehensive income for 2017, starting with net income.

Security cost fair value unrealized gain (loss)
A $167,125 $143,250 ($23,875)
B $119,375 $133,700 $14,325
C $219,650 $243,525 $23,875
TOTAL $506,150 $520,475 $14,325
Previous fair value adj-Dr.

$3,820
FAIR VALUE ADJ-Dr.

$10,505

On January 20, 2018, Teal, Inc. sold security A for $144,205. The sale proceeds are net of brokerage fees.

TealInc. reports net income in 2017 of $1,146,000 and in 2018 of $1,337,000. Total holding gains (including any realized holding gain or loss) equal $382,000 in 2018.

Reference no: EM131756491

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