The statement of comprehensive income for Lancaster Company was as follows: Lancaster Company Statement of Comprehensive Income

Question:

The statement of comprehensive income for Lancaster Company was as follows:
Lancaster Company
Statement of Comprehensive Income
For the Year Ended December 31, 2008
Net income ................... $460,000
Other comprehensive income:
Unrealized loss on temporary investments in marketable
equity securities (net of $25,000 tax benefit) ...... (45,000)
Total comprehensive income ............. $415,000
The dated December 31, 2007, showed a Retained Earnings balance of
$1,483,000 and an Accumulated Other Comprehensive Income balance of $171,000. The company paid $250,000 in dividends during 2008.
a. Determine the December 31, 2008, Retained Earnings balance.
b. Determine the December 31, 2008, Accumulated Other Comprehensive Income (Loss) balance.

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...