Question

On January 1, 2017, Metlock, Inc. had cash and common stock of $19,5000. At that date the company had no other asset, liability or equity balances. On January 2, 2017, it purchased $175000 of equity securities for cash that it classified as available-for-sale. It received cash dividends of $13500 during the year on these securities. In addition, it had an unrealized holding gain on these securities of $33500 net of tax. Based on this information, what is the amount of comprehensive income in 2017?

Answer 1

Answer:

The amount of comprehensive income in 2017 is $47000.

Explanation:

comprehensive income = dividends + unrealized holding gain on securities

                                        = $13500 + $33500

                                        = $47000

Therefore, the amount of comprehensive income in 2017 is $47000.