Unrealized holding gain on securities

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Reference no: EM13141911

In January 1, 2010, Richards Inc. had cash and common stock of $67,900. At that date the company had no other asset, liability or equity balances. On January 2, 2010, it purchased for cash $25,300 of equity securities that it classified as available-for-sale. It received cash dividends of $4,070 during the year on these securities. In addition, it has an unrealized holding gain on these securities of $6,780 net of tax. Determine the following amounts for 2010:

(a) net income;

(b) comprehensive income;

(d) accumulated other comprehensive income (end of 2010).

Reference no: EM13141911

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