Question: Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Indicate any
Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Indicate any amounts that Ornamental Insulation would report in its 2024 income statement, 2024 statement of comprehensive income, and 12/31/2024 balance sheet as a result of these investments. Include totals for net income, comprehensive income, and retained earnings as a result of these investments. Ignore income taxes. Note: Amounts to be deducted should be indicated with a minus sign. Income statement: Interest revenue Gain on investments Net income Statement of comprehensive income: Net income Other comprehensive income: Reclassification adjustment Gain on investments Comprehensive income Balance sheet: Current Assets Interest receivable Noncurrent Assets Investment in bonds Add: Fair value adjustment Retained earnings Assets $ 60,000 25,000 $ 85,000 $ 85,000 S (25,000) 35,000 (60,000) $ 25,000 $ 44,000 $ 2,300,000 10,000 $ 2,310,000 Shareholders' Equity Accumulated other comprehensive income $ 85,000 10,000 < Required 1 Required 2 > Show less
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