Question
Elm is a public company with a 12/31 fiscal year-end. Elm reported a 12/31/2020 debit balance in AOCI of $53,000. Elm Inc. reported net income
Elm is a public company with a 12/31 fiscal year-end. Elm reported a 12/31/2020 debit balance in AOCI of $53,000. Elm Inc. reported net income for the fiscal year 2021 of $140,000. In addition, the company reported the following information for fiscal year 2021:
Amortization of Prior Service Cost | $15,000 |
Unrealized Holding Loss on AFS portfolio | $11,000 |
Reclassification of Unrealized Holding Gain from AOCI due to sale of an AFS security during 2021 | $7,500 |
Unrecognized gain due to difference between actual and expected return on Pension Plan assets | $21,000 |
- Use this information to calculate Comprehensive Income for Elm for 202
- Use this information to determine Elm’s 12/31/2021 ending AOCI balance, in addition state whether the balance is a debit or credit.
- What is the amount of reclassification amounts in OCI?
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Business Math
Authors: Cheryl Cleaves, Margie Hobbs, Jeffrey Noble
10th edition
133011208, 978-0321924308, 321924304, 978-0133011203
