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Prepare a statement of comprehensive income

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Problem - At December 31, 2017, the available-for-sale debt portfolio for Pearl, Inc. is as follows.

Security

Cost

Fair Value

Unrealized
Gain (Loss)

A

$18,375

$15,750

$(2,625)

B

13,125

14,700

1,575

C

24,150

26,775

2,625

Total

$55,650

$57,225

1,575

Previous fair value adjustment balance-Dr.

420

Fair value adjustment-Dr.

$1,155

On January 20, 2018, Pearl, Inc. sold security A for $15,855. The sale proceeds are net of brokerage fees.

PearlInc. reports net income in 2017 of $126,000 and in 2018 of $147,000. Total holding gains (including any realized holding gain or loss) equal $42,000 in 2018.

Required -

a. Prepare a statement of comprehensive income for 2017, starting with net income.

b. Prepare a statement of comprehensive income for 2018, starting with net income.

Reference no: EM132449642

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