On January 1 2021 Tri-State Industries had cash and common stock of $180000.At that date the company had no other asset liability or equity balances.On January 2 2021 the company purchased $160000 of equity securities for cash that were classified as available-for-sale.It received cash dividends of $12000 during the year on these securities.In addition it had an unrealized holding gain on these securities of $32000 net of tax.Based on this information what is the amount of comprehensive income in 2021?

Question

Quizplus · Accepted Answer

Comprehensive income includes net income and other comprehensive income (OCI). The cash dividends of $12,000 are part of net income, and the unrealized holding gain of $32,000 is part of OCI. Therefore, comprehensive income is $12,000 + $32,000 = $44,000.

On January 1 2021 Tri-State Industries Had Cash and Common