Consider the excerpts from the 2004 financial statements of Berkshire Hathaway shown below and on the next page to answer the following questions.
1. What was Berkshire Hathaway€™s comprehensive income in 2004?
2. Make one summary journal entry to record the sale, redemption, and maturity of all securities (both equity securities and fixed maturity securities) during 2004.
3. Look at the statement of changes in stockholders€™ equity. What is the purpose of the €œReclassification adjustment for appreciation included in net earnings€?
4. What journal entry did Berkshire Hathaway make to recognize the change in the market value of its available-for-sale investment securities during 2004? Ignore the reclassification mentioned in(3).

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From the statement of changes in stockholders' equity: 2004 (38) (34) 2003 2002 Minimum pension liability adjustment. Applicable income taxes 29 Other comprehensive income Accumulated other 879 5,285 1,380 comprehensive income at beginning of year Accumulated other comprehensive income at 19,556 14,27 2,89 end of year $20.435 $19.556 $14,271 Comprehensive Income Net earnings Other comprehensive income Total comprehensive income $ 7.308 879 $8,151 5,285 $13.436 4,286 1,380 $ 8,187 5.666 From Note 7 to the financial statements: gains (losses) from sales and s of investments are summarized below (in millions) 2004 2003 2002 Fixed maturity securities- Gross Gross losses from sales and other disposals $ 883 (63) gains from sales and other disposals $2,559 $927 (31) 850 (289) Equity securities- 769 Gross gains Gross losses from sales Losses from Foreign currency forward contracts from sales 392 16 (19) 1,839 (207) 295 $3.496 (607) 825 382 $4,129 (17) $918 Other investments From Note 14 to the financial statements: The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities at December 31, 2004 and 2003, are shown below (in millions): 2004 2003 Deferred tax liabilities: Unreal Deferred charges reinsurance assumed Property. plant and equipment. ized appreciation of investments $11,020 955 1,201 509 $10.663 1,080 1,124 573 629 $14,069 $14,350 Deferred tax assets: Unpaid losses and loss adjustment expense Unearned premiums 129) (1.299) (388) (1,659 (,448) (3,176) (3.119) Net deferred tax liability $11,174 $10,950