Determine the net income amounts

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On January 1, 2020, Cheyenne Corp. had cash and common shares of $40,000. At that date, the company had no other asset, liability, or shareholders' equity balances. On January 2, 2020, Cheyenne Corp. paid $20,000 cash for equity securities that it designated as fair value through other comprehensive income (FV-OCI) investments. During the year, Cheyenne Corp. received non-taxable cash dividends of $10,000 and had an unrealized holding gain of $27,000 (net of tax) on these securities.

Problem 1: Determine the following amounts for 2020:

Net Income / (Loss)

Other Comprehensive Income

Comprehensive Income

Accumulated Other Comprehensive Income (as at the end of 2020)

Reference no: EM132684779

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