Question: i need help with part B please!! Exercise 17-10 (Part Level Submission) At December 31, 2017, the available-for-sale debt portfolio for Sweet, Inc. is as

 i need help with part B please!! Exercise 17-10 (Part Level

Submission) At December 31, 2017, the available-for-sale debt portfolio for Sweet, Inc. i need help with part B please!!

Exercise 17-10 (Part Level Submission) At December 31, 2017, the available-for-sale debt portfolio for Sweet, Inc. is as follows. Unrealized Gain (Loss) Security Cost Fair Value $175,875 125,625 231,150 $532,650 $150,750 140,700 256,275 $547,725 $(25,125) 15,075 25,125 15,075 4,020 $11,055 Total Previous fair value adjustment balance-Dr Fair value adjustment-Dr On January 20, 2018, Sweet, Inc. sold security A for $151,755. The sale proceeds are net of brokerage fees. SweetInc. reports net income in 2017 of $1,206,000 and in 2018 of $1,407,000. Total holding gains (including any realized holding gain or loss) equal $402,000 in 2018. Your answer is correct. Prepare a statement of comprehensive income for 2017, starting with net income. SWEET, INC Statement of Comprehensive Income For the Year Ended December 31, 2017 Net Income 1206000 Other Comprehensive Income Unrealized Holding Gain 11055 Comprehensive Income 1217055

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!