Exercise 17-1o (Part Level Submission) At December 31, 2017, the available-for-s

Question

Exercise 17-1o (Part Level Submission) At December 31, 2017, the available-for-sale debt portfolio for Bridgeport, Inc. is as follows Unrealized Gain (Loss) Security Cost Fair Value $114,625 81,875 150,650 $347,150 $98,250 91,700 167,025 $356,975 $(16,375) 9,825 16,375 9,825 2,620 $7,205 Previous fair value adjustment balance-Dr Fair value adjustment-Dr. On January 20, 2018, Bridgeport, Inc. sold security A for $98,905. The sale proceeds are net of brokerage fees BridgeportInc. reports net income in 2017 of $786,000 and in 2018 of $917,000. Total holding gains (including any realized holding gain or loss) equal $262,000 in 2018 (a) Prepare a statement of comprehensive income for 2017, starting with net income BRIDGEPORT, INC Statement of Comprehensive Income For the Year Ended December 31, 2017 786000 Net Income Other Comprehensive Income Unrealized Holding Gain

Explanation / Answer

Bridgeport,INC

Statement of Comprehensive Income

For the yearended December 31, 2017

Net Income $7,86,000

Other Comprehensive Income:

Unrealized holding gain $9,825

Comprehensive gain $7,95,825

Note: Since security A has been sold off ina jan2018, it has been consideredin thecompprehensive statement.

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