Question: Flam Corporation does not elect the fair value option for recording financial assets and liabilities. Prepare a comprehensive income statement for the fiscal year ended

Flam Corporation does not elect the fair value option for recording financial assets and liabilities. Prepare a comprehensive income statement for the fiscal year ended 12/31/14. All values are net of taxes.

Pension liability adjustment recognized in OCI $(2,500) Unrealized gain on available-for-sale securities 15,000 Reclassification adjustment, for securities gain included in net income (3,000) Stock warrants outstanding 4,000 Net income 77,000

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