Question: Question text For the year ended December 31, 2020, Transformers Inc. reported the following: Net income $200,000 Preferred dividends declared 40,000 Unrealized holding loss, net

Question text

For the year ended December 31, 2020, Transformers Inc. reported the following: Net income $200,000 Preferred dividends declared 40,000 Unrealized holding loss, net of tax 2,000 Gain on foreign currency exchange, net of tax 5,000 Retained earnings 400,000 Accumulated Other Comprehensive Income, Beginning Balance 20,000 What would Transformers report as its ending balance of Accumulated Other Comprehensive Income?

Select one:

a. $23,000

b. $18,000

c. $220,000

d. $20,000

please explain how to solve problem. thank you

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