During 2006, Cosby Corporation held a portfolio of available-for-sale securities having a cost of $260,000. There were

Question:

During 2006, Cosby Corporation held a of available-for-sale securities having a cost of $260,000. There were no purchases or sales of investments during the year. The market values after adjusting for the impact of taxes, at the beginning and end of the year, were $200,000 and $240,000, respectively. The net income for 2006 was $145,000, and no dividends were paid during the year. The Stockholders€™ Equity section of the was as follows on December 31, 2005:

During 2006, Cosby Corporation held a portfolio of available-for

a. Prepare a statement of comprehensive income for 2006.
b. Prepare the Stockholders€™ Equity section of the balance sheet for December 31,2006.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Portfolio
A portfolio is a grouping of financial assets such as stocks, bonds, commodities, currencies and cash equivalents, as well as their fund counterparts, including mutual, exchange-traded and closed funds. A portfolio can also consist of non-publicly...