Reference no: EM132683727
Problem - Comprehensive income - On December 31, 2011, Memphis Co. had the following available-for-sale investment disclosure within the Current Assets section of the balance sheet:
Available-for-sale investments (at cost) $105,000
Plus valuation allowance for available-for-sale investments 15,000
Available-for-sale investments (at fair value) $120,000
There were no purchases or sales of available-for-sale investments during 2012. On December 31, 2012, the fair value of the available-for-sale investment portfolio was $94,000. The net income of Memphis Co. was $150,000 for 2012.
Required - Compute the comprehensive income for Memphis Co. for the year ended December 31, 2012.