Jay Company acquired a wholly owned foreign subsidiary on January 1. The equity section of...
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Jay Company acquired a wholly owned foreign subsidiary on January 1. The equity section of the December 31 consolidated balance sheet follows: Common stock $ 500,000 Additional paid-in capital 200,000 Retained earnings 900,000 Accumulated other comprehensive income (600,000) Total equity $1,000,000 The balance in accumulated oci appropriately represents adjustments in translating the foreign subsidiarys financial statements into U.S. dollars. The consolidated income statement included the excess of cost of investments in certain debt and equity securities over their fair values, which is not due to credit losses, as follows: Available for sale debt securities $200,000 Equity securities 100,000 Ignoring tax effects, the amounts for retained earnings and accumulated Oct in the consolidated statement of financial position for the year ended December 31 are
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