The following information relates to Cullumber Co. for the year ended December 3

Question

The following information relates to Cullumber Co. for the year ended December 31, 2017: net income 1,242 million; unrealized holding loss of $11.5 million related to available-for-sale debt securities during the year; accumulated other comprehensive income of $53 million on December 31, 2016. Assuming no other changes in accumulated other comprehensive Income Determine a) other comprehensive income or 2017 b comprehensive ncome or 2017, and e accumulated other comprehens ve income at December 3. (Enter answers in millions to 1 decimal place, e.g. 25.5. Enter loss using either a negative sign preceding the number e.g. -45.2 or parentheses e.g. (a) Other comprehensive income(loss) for 2017s million (b) Comprehensive income for 2017 million e) Accumulated other comprehensive income million

Explanation / Answer

(a) Other comprehensive income (loss) for 2017 = $     -11.5 million (b) Comprehensive income for 2017 ($1,242 million - $11.5 million) = $ 1,230.5 million (c) Accumulated other compehensive income ($53 million - $11.5 million) = $       41.5 million

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