During 2008, Mango Corporation held a portfolio of available-for-sale securities having a cost of $260,000. There were

Question:

During 2008, Mango 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 $215,000 and $270,000, respectively. The net income for 2008 was $150,000, and no dividends were paid during the year. The Stockholders' Equity section of the was as follows on December 31, 2007:
Mango Equity
December 31, 2007
Common stock ............... $ 35,000
Paid-in capital in excess of ..... 350,000
Retained earnings .............. 435,000
Accumulated other comprehensive loss .... (45,000)
Total ................... $775,000
a. Prepare a statement of comprehensive income for 2008.
b. Prepare the stockholders' equity section of the for December 31, 2008.

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