Answer:
a. The Other comprehensive income for 2017 is $-11.2 million
b. The Comprehensive income for 2017 is $1,293.8 million
c. The Accumulated other comprehensive income at December 31, 2017 is $45.2 million
Explanation:
a. According to the given data the company incurred a loss of $11.2 million as an unrealized income from available-for-sale debt securities. It is the actual loss.
Therefore, other comprehensive income is (-$11.2) million.
b. In order to calculate the Comprehensive income for 2017 we would have to use the following formula:
Comprehensive income=Net income−Unrealised holding loss
=$1,305 million−$11.2million
=$1,293.8 million
Therefore, comprehensive income for 2017 is $1,293.8 million
c. In ordert to Calculate the accumulated other comprehensive income we would have to use the following formula:
Accumulated comprehensive income
= Existing income−Unrealised holding loss
=$56.4million−$11.2million
=$45.2million
The Accumulated other comprehensive income at December 31, 2017 is $45.2 million
