In the shareholders equity section of its 2013 and 2014 balance sheets, H&R Block reported accumulated other
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In the shareholders’ equity section of its 2013 and 2014 balance sheets, H&R Block reported accumulated other comprehensive income balances of $5.177 million and $1.74 million, respectively. The 2014 income statement reported net income of $474 million. During 2014 the net holding gain for the available-for-sale debt securities held by H&R Block was $6.6 million, and the company incurred a $10.1 million loss on foreign currency translations. Neither item affected earnings, but both reduced shareholders’ equity.
a. Compute comprehensive income for 2014.
b. Describe how these activities are reflected on H&R Block’s balance sheet, income statement, and statement of shareholders’ equity.
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