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On January 1, 2020, Pharoah Company had cash and common shares of $80,000. At that date,...

On January 1, 2020, Pharoah Company had cash and common shares of $80,000. At that date, the company had no other asset, liability, or shareholders’ equity balances. On January 2, 2020, Pharoah Company paid $60,000 cash for equity securities that it designated as fair value through other comprehensive income (FV-OCI) investments. During the year, Pharoah Company received non-taxable cash dividends of $26,000 and had an unrealized holding gain of $29,000 (net of tax) on these securities. Determine the following amounts for 2020:

(a)

Net Income / (Loss)
(b)

Other Comprehensive Income
(c)

Comprehensive Income
(d)

Accumulated Other Comprehensive Income (as at the end of 2020)
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Answer #1
Answer

a
Net Income / (Loss) $      26,000
b
Other Comprehensive Income $      29,000
c
Net Income / (Loss) $      26,000
Other Comprehensive Income $      29,000
Comprehensive Income $      55,000
d
Accumulated Other Comprehensive Income (as at the end of 2020) $      29,000
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