Determine the Accumulated Other Comprehensive Income

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Question - On January 1, 2020, Pina Colada Corp. had cash and common shares of $80,000. At that date, the company had no other asset, liability, or shareholders' equity balances. On January 2, 2020, Pina Colada Corp. paid $60,000 cash for equity securities that it designated as fair value through other comprehensive income (FV-OCI) investments. During the year, Pina Colada Corp. received non-taxable cash dividends of $27,000 and had an unrealized holding gain of $25,000 (net of tax) on these securities. Determine the following amounts for 2020:

(a) Net Income / (Loss)

(b) Other Comprehensive Income

(c) Comprehensive Income$

(d) Accumulated Other Comprehensive Income (as at the end of 2020)

Reference no: EM132709701

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