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3 years ago

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

Business

1 answer:

NARA [144]3 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

Other comprehensive income:

Add: Unrealized holding gain $3,400

Comprehensive income $126,400

b. Blossom Inc

Statement of Comprehensive Income

For the Year Ended December 31, 2021

Particulars Amount

Net income $142,000

Other comprehensive income:

Total holding gains in 2021 $41,000

Add: Reclassification adjustment- $2,700

for loss included in net income $38,300

Comprehensive income $180,300

Note:

Particulars Amount

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

Less: Cost of Security A $15,200

Loss on the sale of Security A ($2,700)

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