CALCULATOR HI SSAA ? Securit Cost $193,375 138,125 254,150 $585,650 Fair Value $

Question

CALCULATOR HI SSAA ? Securit Cost $193,375 138,125 254,150 $585,650 Fair Value $165,750 154,700 281,775 $(27,625 ) 16,575 27,625 $602,22516,575 4,420 $12,155 Total Previous fair value adjustment balance-Dr. Fair value adjustment-Dr On January 20, 2018, Indigo, Inc. sold security A for $166,855. The sale proceeds are net of brokerage fees. IndigoInc. reports net income in 2017 of $1,326,000 and in 2018 of $1,547,000. Total holding gains (including any realized holding gain or loss) equal $442,000 in 2018 Prepare a statement of comprehensive income for 2017, starting with net income INDIGO, INC For the Year Ended Income 31, 2017

Explanation / Answer

Indigo Inc Statement of Comprehensive Income For the year ended December 31, 2017 In $ Net Income 1326000 Unrealised Income from security 16575 Comprehensive Income for 2017 1342575 Indigo Inc Statement of Comprehensive Income For the year ended December 31, 2018 In $ Net Income 1547000 Profit on sale of Security A 1105 Unrealised Income from security 429845 Comprehensive Income for 2018 1977950 Security A Fair Value 165750 Less : Sale 166855 Profit on sale -1105 Holding Gains 442000 Less : Gain already recognised -12155 429845

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