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,(Gain on Sale of Investments and Comprehensive Income). On January 1, 2014, Acker Inc. had the following balance sheet.,ACKER INC.,BALANCE SHEET,AS OF JANUARY 1, 2014,Assets,Cash - $50,000,Equity investments (available-for-sale) - 240,000,Total - $290,000,Equity,Common stock - $260,000,Accumulated other comprehensive income - 30,000,Total - $290,000,The accumulated other comprehensive income related to unrealized holding gains on available-for-sale securities. The fair value of Acker Inc. available-for-sale securities at December 31, 2014 was $190,000; its cost was $140,000. No securities were purchased during the year. Acker Inc. income statement for 2014 was as follows. (Ignore income taxes),ACKER INC.,INCOME STATEMENT,FOR THE YEAR ENDED DECEMBER 31, 2014,Dividend revenue - $5,000,Gain on sale of investments - 30,000,Net income - $35,000,A. Prepare the journal entry to record the sale of the available-for-sale securities in 2014,B. Prepare a statement of comprehensive income for 2014,C. Prepare a balance sheet as of December 31, 2014,
This question was answered on: Oct 21, 2020
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