Crasher Company had net income in the current year of $500,000. In addition, the company had an

Question:

Crasher Company had net income in the current year of $500,000. In addition, the company had an unrealized gain on its portfolio of available-for-sale investments of $20,000, net of related income taxes. Assuming the company uses the two-income statement approach for presenting elements of other comprehensive income to its investors and creditors, prepare the statement of comprehensive income for the current year.

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...