Question: On January 1 , 2 0 2 5 , Whispering Inc. had cash and common stock of $ 6 2 , 5 2 0 .

On January 1,2025, Whispering Inc. had cash and common stock of $62,520. At that date, the company had no other asset, liability, or stockholders equity balances. On January 2,2025, it purchased for cash $23,600 of debt securities that it classified as available-for-sale. It received interest of $3,020 during the year on these securities. In addition, it has unrealized holding gain on these securities of $6,740 bet of tax. Determine the following amounts for 2025: (a) net income, (b) comprehensive income, (c) other comprehensive income, and (d) accumulated other comprehensive income (end of 2025).

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!