On January 1, 2012, Richards Inc. had cash and common stock of $64,330. At that date the company had no other asset, liability or equity balances. On January 2, 2012, it purchased for cash $23,010 of equity securities that it classified as available for sale. It received cash dividends of $4,800 net of tax during the year on these securities. In addition, it has an unrealized holding gain on these securities of $6,240 net of tax. Determine the following amounts for 2012: (a) net income; (b) comprehensive income; (c) other comprehensive income; and (d) accumulated other comprehensive income (end of 2012).
| (a) |
Net income |
$ |
| (b) |
Comprehensive income |
$ |
| (c) |
Other comprehensive income |
$ |
| (d) |
Accumulated other comprehensive income |
$ |
