I would highly appreciate it if you could help me ASAP. I posted this question y

Question

I would highly appreciate it if you could help me ASAP. I posted this question yesterday and I was provided with a wrong answer.

Exercise 17-10 (Part Level Submission) At December 31, 2017, the available-for-sale debt portfolio for Grouper, Inc. is as follows. Unrealized Fair ValueGain (Loss) Security Cost $202,125 144,375 265,650 $612,150 $173,250 161,700 294,525 $629,475 $(28,875) 17,325 28,875 17,325 4,620 $12,705 Total Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. On January 20, 2018, Grouper, Inc. sold security A for $174,405. The sale proceeds are net of brokerage fees. GrouperInc. reports net income in 2017 of $1,386,000 and in 2018 of $1,617,000. Total holding gains (including any realized holding gain or loss) equal $462,000 in 2018. Prepare a statement of comprehensive income for 2018, starting with net income. GROUPER, INC Statement of For the Year Ended December 31, 2018 Income Net Income 1,617,000 Other Comprehensive Income Holding Gains 462,000 Add Reclassification Adjustment for Loss Included in Net Income 27720 489720 2106720 Comprehensive Income Accumulated Other Comprehensive Income 12705 Beginning Balance, January 1, 2018 Current Period Other Comprehensive income Amount Reclassified from Accumulated Other Comprehensive Income Unrealized Holding Gain Ending Balance, December 31, 2018 462,000 27720 489720 502425

Explanation / Answer

The correct answer for the red blanks are Beginning Balance January 1 2018 $4,620 Unrealized Holding Gain 489720 Ending balance December 31 2018 $494,340 If any doubt please comment

Related Questions

Navigate

• Browse (All)
• Browse I
• Subjects

---