On January 1, 2020, Tri-State Industries Had Cash and Common

question 171

Multiple Choice

On January 1, 2020, Tri-State Industries had cash and common stock of $180,000.At that date, the company had no other asset, liability or equity balances.On January 2, 2020, it purchased $160,000 of equity securities for cash that it classified as available-for-sale.It received cash dividends of $12,000 during the year on these securities.In addition, it had an unrealized holding gain on these securities of $32,000, net of tax.Based on this information, what is the amount of comprehensive income in 2020?

• A)$44,000
• B)$20,000
• C)$12,000
• D)$32,000

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