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(solution) On January 1, 2004, Creative Works Inc. had cash and


On January 1, 2004, Creative Works Inc. had cash and common stock of $60,000. At that date the company had no other asset, liability or equity balances. On January 2, 2004, it purchased for cash $20,000 of equity securities that it classified as available-for-sale. It received cash dividends of $3,000 during the year on these securities. In addition, it has an unrealized holding gain on these securities of $5,000 net of tax. Determine the following amounts for 2004: (a) Net income; (b) Comprehensive income; (c) Other comprehensive income; and (d) Accumulated other comprehensive income (end of 2004).

 


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Sep 13, 2020

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