Business, 02.10.2019 03:10 maybeemmamay

On january 1, 2020, richards inc. had cash and common stock of $60,000. at that date, the company had no other asset, liability, or equity balances. on january 2, 2020, it purchased for cash $20,000 of debt securities that it classified as available-for-sale. it received interest of $3,000 during the year on these securities. in addition, it has an unrealized holding gain on these securities of $4,000 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).

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On january 1, 2020, richards inc. had cash and common stock of $60,000. at that date, the company ha...