On January 1, 2008, Creative Works Inc. had cash and common stock of $60,000. At that date
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On January 1, 2008, Creative Works Inc. had cash and common stock of $60,000. At that date the company had no other asset, liability or equity balances. On January 2, 2008, it purchased for cash $20,000 of equity securities that it classified as available-for-sale. It received cash dividends of $3,000 during the year on these securities. In addition, it has an unrealized holding gain on these securities of $5,000 net of tax. Determine the following amounts for 2008:
(a) Net income;
(b) Comprehensive income;
(c) Other comprehensive income;
(d) Accumulated other comprehensive income (end of 2008).
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Related Book For
Intermediate Accounting principles and analysis
ISBN: 978-0471737933
2nd Edition
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
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