How much income would be realized on the sale

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Reference no: EM131410823

Biomet, Inc. provided the following disclosures in Note 5 of its 2008 annual report. It describes the company's investments in available-for-sale equity securities (dollars in millions).

a. Compute the fair market value of Biomet's available-for-sale equity portfolio for both 2008 and 2007.

b. What was the effect on the company's comprehensive income amount associated with its available-for-sale securities?

c. Assume that Biomet sold its entire portfolio of available-for-sale securities at the end of 2008. How much income would be realized on the sale? Provide the journal entry.

Reference no: EM131410823

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