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AT DECEMBER 31, 2013, THE AVAILABLE-FOR-SALE EQUITY PORTFOLIO

AT DECEMBER 31, 2013, THE AVAILABLE-FOR-SALE EQUITY PORTFOLIO

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Author: Joyce Buda
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http://theperfecthomework.com/at-december-31-2013-the-available-for-sale-equity-portfolio-for-steffi-graf-inc-is-as-follows/


At December 31, 2013, the available-for-sale equity portfolio for Steffi Graf, Inc. is as follows.
Security
Cost
Fair Value
UnrealizedGain (Loss)
A
$18,270
$15,660
$(2,610
)
B
13,050
14,616
1,566
C
24,012
26,622
2,610
 
Total
$55,332
$56,898
1,566
Previous fair value adjustment balance—Dr.
418
 
Fair value adjustment—Dr.
$1,148
 
On January 20, 2014, Steffi Graf, Inc. sold security A for $15,764. The sale proceeds are net of brokerage fees.Steffi Graf Inc. reports net income in 2013 of $125,280 and in 2014 of $146,160. Total holding gains (including any realized holding gain or loss) total $41,760.(a) Prepare a statement of comprehensive income for 2013 starting with net income.
STEFFI GRAF, INCStatement of Comprehensive IncomeFor the Year Ended December31, 2013
 Comprehensive IncomeHolding GainsHolding LossNet IncomeOther Comprehensive IncomeReclassification Adjustment for Gain Included in Net IncomeReclassification Adjustment for Loss Included in Net IncomeUnrealized Holding GainUnrealized Holding Loss
$
 Comprehensive IncomeHolding GainsHolding LossNet IncomeOther Comprehensive IncomeReclassification Adjustment for Gain Included in Net IncomeReclassification Adjustment for Loss Included in Net IncomeUnrealized Holding GainUnrealized Holding Loss
    Comprehensive Income    Holding Gains    Holding Loss    Net Income    Other Comprehensive Income    Reclassification Adjustment for Gain Included in Net Income    Reclassification Adjustment for Loss Included in Net Income    Unrealized Holding Gain    Unrealized Holding Loss    
 
 Comprehensive IncomeHolding GainsHolding LossNet IncomeOther Comprehensive IncomeReclassification Adjustment for Gain Included in Net IncomeReclassification Adjustment for Loss Included in Net IncomeUnrealized Holding GainUnrealized Holding Loss
$


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