At December 31, 2020, the available-for-sale debt portfolio for Blossom, Inc. is as follows. Security Cost Fair Value Unrealized Gain (Loss)
A $17,900 $15,200 $(2,700)
B 11,000 15,000 4,000
C 24,000 26,500 2,500
Total $52,900 $56,700 3,800
Previous fair value adjustment balance—Dr. 400
Fair value adjustment—Dr. $3,400
On January 20, 2021, Blossom, Inc. sold security A for $15,300. The sale proceeds are net of brokerage fees. Blossom, Inc. reports net income in 2020 of $123,000 and in 2021 of $142,000. Total holding gains (including any realized holding gain or loss) equal $41,000 in 2021.
Prepare a statement of comprehensive income for 2020, starting with net income.
Prepare a statement of comprehensive income for 2021, starting with net income.

a.                                      Blossom Inc

                    Statement of Comprehensive Income

                  For the Year Ended December 31, 2020

Particulars                                                               Amount

Net income                                                            $123,000

Other comprehensive income:

Add: Unrealized holding gain                               $3,400

Comprehensive income                                       $126,400

b.                                       Blossom Inc

                    Statement of Comprehensive Income

                  For the Year Ended December 31, 2021

Particulars                                                               Amount

Net income                                                            $142,000

Other comprehensive income:  

Total holding gains in 2021                $41,000

Add: Reclassification adjustment-      $2,700      

for loss included in net income                             $38,300

Comprehensive income                                        $180,300

Note:

Particulars                                                                  Amount

Net amount received from the sale of Security A   $17,900

Less: Cost of Security A                                            $15,200

Loss on the sale of Security A                                ($2,700)

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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