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charle [14.2K]
2 years ago
5

At December 31, 2020, the available-for-sale debt portfolio for Blossom, Inc. is as follows.

Business
1 answer:
NARA [144]2 years ago
4 0

Answer:

a.                                      Blossom Inc

                    Statement of Comprehensive Income

                  For the Year Ended December 31, 2020

Particulars                                                               Amount

Net income                                                            $123,000

<u>Other comprehensive income</u>:

Add: Unrealized holding gain                               <u>$3,400</u>

Comprehensive income                                       <u>$126,400</u>

b.                                       Blossom Inc

                    Statement of Comprehensive Income

                  For the Year Ended December 31, 2021

Particulars                                                               Amount

Net income                                                            $142,000

<u>Other comprehensive income</u>:  

Total holding gains in 2021                $41,000

Add: Reclassification adjustment-      <u>$2,700</u>      

for loss included in net income                             <u>$38,300</u>

Comprehensive income                                        <u>$180,300</u>

Note:

Particulars                                                                  Amount

Net amount received from the sale of Security A   $17,900

Less: Cost of Security A                                            <u>$15,200</u>

Loss on the sale of Security A                                <u>($2,700)</u>

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