Hardford Corp. held 80% of Inglestone Inc. which, in turn, owned 80% of Jade Co. Operating income figures (without investment income) as well as unrealized upstream gains included in the income for the current year follow: 
-The accrual-based income of Jade Co. is calculated to be
Definitions:
Journal Entries
Records of financial transactions in the accounting system of a business, ensuring all changes in financial position are accurately reflected.
Insurance Policy
An agreement between an insurer and a policyholder that outlines coverage terms, conditions, and the duration the insurance coverage is in effect.
December 31
December 31 refers to the final day of the year in the Gregorian calendar, often associated with closing financial and business accounts for the year.
Credit Balance
A situation where the sum of credits in an account exceeds the sum of debits, often indicating a liability or revenue.
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