Biomet, Inc. Provided the following discolmen in notes 5 of its 2008 annual report. It descirbes the company?s investment in available for equity securities (dollars it millions).

a. Compute the fair market value of Biomet?s available for sale equity portfolio for both 2008 and 2007.

b.What was the effect on the company?s comprehensive income ampunt associated with its available-for sale securitis?

c. Assume that Biomet sold its entire portfolio of available-for-sale securities aat the end of 2008. How much income would be realized on sale? Provide the journal entry.

Transcribed Image Text:

Cost 2008 $825.3 2007 42.9 Unrealized Gains $0 0.1 Losses $(0.6) (3.9) Cost 2008 $825.3 2007 42.9 Unrealized Gains $0 0.1 Losses $(0.6) (3.9)

Answer rating: 100% (QA)

a Fair market value of Biomets availableforsale securities 2008 2009 Cost 19371 21065 Gains 348 ... View the full answer