At December 31, 2020, the available-for-sale debt portfolio for Carla Vista, Inc. is as follows. Unrealized...
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At December 31, 2020, the available-for-sale debt portfolio for Carla Vista, Inc. is as follows. Unrealized Gain (Loss) $(2,000) 2,800 3,000 3,800 500 $3,300 Security A B C Total Cost $17,100 12,400 23,400 $52,900 Fair Value Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. $15,100 15,200 26,400 $56,700 On January 20, 2021, Carla Vista, Inc. sold security A for $15,200. The sale proceeds are net of brokerage fees. Carla Vista, Inc. reports net income in 2020 of $124,000 and in 2021 of $142,000. Total holding gains (including any realized holding gain or loss) equal $40,000 in 2021. Prepare CARLA VISTA, INC Statement of Comprehensive Income For the Year Ended December 31, 2021 At December 31, 2020, the available-for-sale debt portfolio for Carla Vista, Inc. is as follows. Unrealized Gain (Loss) $(2,000) 2,800 3,000 3,800 500 $3,300 Security A B C Total Cost $17,100 12,400 23,400 $52,900 Fair Value Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. $15,100 15,200 26,400 $56,700 On January 20, 2021, Carla Vista, Inc. sold security A for $15,200. The sale proceeds are net of brokerage fees. Carla Vista, Inc. reports net income in 2020 of $124,000 and in 2021 of $142,000. Total holding gains (including any realized holding gain or loss) equal $40,000 in 2021. Prepare CARLA VISTA, INC Statement of Comprehensive Income For the Year Ended December 31, 2021
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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