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On December 31, 2017, the available-for-sale debt portfolio for Sweet, Inc. is as follows.
|Previous fair value adjustment balance—Dr.||1,020|
|Fair value adjustment—Dr.||$2,805|
On January 20, 2018, Sweet, Inc. sold security A for $38,505. The sale proceeds are net of brokerage fees.
Sweet Inc. reports net income in 2017 of $306,000 and in 2018 of $357,000. Unrealized holding gains and gains equal $102,000 in 2018.
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. Get Accounting homework help today