Missing Statement Items, Available-for-Sale Securities Oceanic Airways makes inv
ID: 2465261 • Letter: M
Question
Missing Statement Items, Available-for-Sale Securities
Oceanic Airways makes investments in available-for-sale securities. Selected income statement items for the years ended December 31, 2016 and 2017, plus selected items from comparative balance sheets, are shown in the income statement and balance sheet below: (There were no dividends.)
Determine the missing items. If required, use the minus sign to indicate a net or operating loss, unrealized losses, or a credit balance in the valuation allowance account.
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Oceanic Airways Selected Income Statement Items For the Years Ended December 31, 2016 and 2017 2016 2017 Operating Income (Loss) $ $ Gain (Loss) from Sale of Investments 6070 (12140) Net Income (Loss) $ $(16690)Explanation / Answer
working Note
Year 2016 2017 Operating Income (Loss) -16690-(-12140) 97120 -4550 Gain (Loss) from Sale of Investments 6070 -12140 Net Income (Loss): (352060-248870) 103190 -16690