At December 31,2025, the available-for-sale debt portfolio for Sunland Foods Corp. is as follows: ...

80.2K

Verified Solution

Question

Accounting

At December 31,2025, the available-for-sale debt portfolio for Sunland Foods Corp. is as follows:
December 31,2025, fair value adjustment balance-Dr. $5,900
On January 20,2026, Sunland sold Apple for $31,500. The sale proceeds are net of brokerage fees.
Sunland Foods Corp. reports net income in 2025 of $637,700 and in 2026 of $244,200. Total unrealized holding gains (including any
realized holding gain or loss) arising during 2026 totals $24,900.
(a)
Your answer is partially correct.
Prepare a statement of comprehensive income for 2025 starting with net income.
SUNLAND FOODS CORP.
Statement of Comprehensive Income
For the Year Ended December 31,2025
Net Income
Other Comprehensive Income
Unrealized Holding Gain
Comprehensive Net Income
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students