Question

The following information relates to Bonita Co. for the year ended December 31, 2017: net income 1,298 million; unrealized holding loss of $11.3 million related to available-for-sale debt securities during the year; accumulated other comprehensive income of $51.9 million on December 31, 2016. Assuming no other changes in accumulated other comprehensive income.
Determine (a) other comprehensive income for 2017, (b) comprehensive income for 2017, and (c) accumulated other comprehensive income at December 31, 2017. (Enter answers in millions to 1 decimal place, e.g. 25.5. Enter loss using either a negative sign preceding the number e.g. -45.2 or parentheses e.g. (45.2).)

(a) Other comprehensive income(loss) for 2017 $
The following information relates to Bonita Co. fo

million
(b) Comprehensive income for 2017 $
The following information relates to Bonita Co. fo

million
(c) Accumulated other comprehensive income $
The following information relates to Bonita Co. fo

million

Answer 1

Answer: a) $(11.3) million

b)$1,286.7million

c)$40.6 million

Explanation:This does not involve lengthy explanation.

(a) Other comprehensive income for 2017 =unrealized holding loss =available-for-sale securities during the year= $(11.3) million

(b) Comprehensive income for 2017= net income-unrealized holding loss =

$1,286.7million (1,298 - 11.3)

(c) Accumulated other comprehensive income = accumulated other comprehensive income -unrealized holding loss

$40.6 million (51.9 - 11.3)