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(solution) On January 1, 2010, Otano Inc, had cash and share


On January 1, 2010, Otano Inc, had cash and share capital of O?60,000,000. At that date, the company had no other asset, liability, or equity balances. On January 2, 2010, it purchased for cash O?20,000,000 of equity securities that it classified as non-trading. It received cash dividends of O?3,000,000 during the year on these securities. In addition, it has an unrealized holding gain on these securities of O?4,000,000 net of tax. Determine the following amounts for 2010: (a) Net income. (b) Comprehensive income. (c) Other Comprehensive Income, and (d) Accumulated other comprehensive income (end of 2010).

 


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