Question: On January 1 , 2 0 2 2 , Sage Hill Inc. had cash and common stock of $ 1 8 5 0 0 0

On January 1,2022, Sage Hill Inc. had cash and common stock of $185000. At that date, the company had no other asset, liability or equity balances. On January 2,2022, it purchased $165000 of equity securities for cash that it classified as available-for-sale. It received cash dividends of $12500 during the year on these securities. In addition, it had an unrealized holding gain on these securities of $32500 net of tax. Based on this information, what is the amount of comprehensive income in 2022?
 On January 1,2022, Sage Hill Inc. had cash and common stock

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!