Reference no: EM132670263
At December 31, 2020, the available-for-sale debt portfolio for Sunland, Inc. is as follows.
Security Cost Fair Value Unrealized Gain (Loss)
A $17,700 $14,500 $(3,200)
B 12,000 14,800 2,800
C 25,700 25,700 2,900
Total $52,500 $55,000 2,500
Previous fair value adjustment balance-Dr. 500
Fair value adjustment-Dr. $2,000
On January 20, 2021, Sunland, Inc. sold security A for $14,600. The sale proceeds are net of brokerage fees.
Sunland, Inc. reports net income in 2020 of $118,000 and in 2021 of $140,000. Total holding gains (including any realized holding gain or loss) equal $48,000 in 2021.
Problem 1: Make a statement of comprehensive income for 2020, starting with net income.
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