Sale Debt Portfolio for Sweet, Inc. Assignment

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    Sale Debt Portfolio for Sweet, Inc. Assignment

    On December 31, 2017, the available-for-sale debt portfolio for Sweet, Inc. is as follows. Security Cost Fair Value Unrealized Gain (Loss) A $44,625 $38,250 $(6,375 ) B 31,875 35,700 3,825 C 58,650 65,025 6,375 Total $135,150 $138,975 3,825 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

    On December 31, 2017, the available-for-sale debt portfolio for Sweet, Inc. is as follows.

    Security Cost Fair Value Unrealized
    Gain (Loss)
    A $44,625 $38,250 $(6,375 )
    B 31,875 35,700 3,825
    C 58,650 65,025 6,375
    Total $135,150 $138,975 3,825
    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