Reference no: EM132437325
Question - Below are excerpts from Gremlin Beverage Corporation's 2019 financial statements
Balance sheet Dec 31 2019 2018
Investment in trading securities- 8,500 11,000
Investments in AFS securities 16,000 15,000
2019 Statement of comprehensive income.
Net increase in unrealized gains on AFS securities held at year end- 2,000.
Reclassification of net unrealized gains included in net income on AFS securities sold- (2,100).
2019 Statement of cash flows
Investing activities
Purchasing of trading securities-1,000
Sales of trading securities- 4,000
Purchase of AFS securities- 3,600
Sales of AFS securities- 6,000
For simplicity, assume the AFS securities were sold at the beginning of the year. All securities were acquired at par value and no impairment is reported
Required:
Calculate the following amounts for 2019:
A) Net gains on trading securities reported in 2019 income.
B) Net gains on AFS securities reported in 2019 income.
C) Original cost of AFS securities sold in 2019.
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