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On January 1, 2020, Coronado Inc. had cash and common stock of $60,530. At that date,...

On January 1, 2020, Coronado Inc. had cash and common stock of $60,530. At that date, the company had no other asset, liability, or equity balances. On January 2, 2020, it purchased for cash $20,760 of debt securities that it classified as available-for-sale. It received interest of $4,100 during the year on these securities. In addition, it has an unrealized holding gain on these securities of $5,190 net of tax. Determine the following amounts for 2020: (a) net income, (b) comprehensive income, (c) other comprehensive income, and (d) accumulated other comprehensive income (end of 2020).

(a) Net income $enter net income in dollars
(b) Comprehensive income $enter comprehensive income in dollars
(c) Other comprehensive income $enter other comprehensive income in dollars
(d) Accumulated other comprehensive income $enter accumulated other comprehensive income in dollars

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Expert Solution

Particulars Amount ($)
Net income                                           128,828
Less: Net income attributed to the noncontrolling interest                                              28,800
Net income attributable to Vaughn Company                                           100,028

ekkarill92 answered 1 year ago
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