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Exercise:
Biomet Inc. provided the following disclosures in Note 4 of its 2012 annual report. It describes the company's investments in available-for-sale equity securities (dollars in millions).
Cost
Gains
Losses
2012
$16.2
$0.0
(0.2)
2011
79.0
0.1
(4.7)
1. Compute the fair market value of Biomet's available-for-sale equity portfolio for both 2012 and 2011.
2. What was the effect on the company's comprehensive income amount associated with its available-for-sale securities?
3. Assume that Biomet sold its entire portfolio of available-for-sale securities at the end of 2012. How much income would be realized on the sale? Provide the journal entry.
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