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Question - At December 31, 2017, the available-for-sale debt portfolio for Splish, Inc. is as follows.
Security
Cost
Fair Value
Unrealized Gain (Loss)
A
$18,375
$15,750
$(2,625)
B
13,125
14,700
1,575
C
24,150
26,775
2,625
Total
$55,650
$57,225
Previous fair value adjustment balance-Dr.
420
Fair value adjustment-Dr.
$1,155
On January 20, 2018, Splish, Inc. sold security A for $15,855. The sale proceeds are net of brokerage fees. SplishInc. reports net income in 2017 of $126,000 and in 2018 of $147,000. Total holding gains (including any realized holding gain or loss) equal $42,000 in 2018.
Required -
1. Prepare a statement of comprehensive income for 2017, starting with net income.
2. Prepare a statement of comprehensive income for 2018, starting with net income.
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