Colah Company purchased $2.4 million of Jackson, Inc., 6% bonds at their face amount on July 1, 2021, with interest paid semi-annually. The bonds mature in 20 years but Colah planned to keep them for less than 3 years, and classified them as available for sale investments. When the bonds were acquired Colah decided to elect the fair value option for accounting for its investment. At December 31, 2021, the Jackson bonds had a fair value of $2.74 million. Colah sold the Jackson bonds on July 1, 2022 for $2,160,000. Complete the following table to show the effect of the Jackson bonds on Colah’s net income, other comprehensive income, and comprehensive income for 2021, 2022, and cumulatively over 2021 and 2022. 2021 2022 Total Net income OCI Comprehensive income
Colah Company purchased $2.4 million of Jackson, Inc., 6% bonds at their face amount on July 1, 2021, with interest paid semi-annually. The bonds mature in 20 years but Colah planned to keep them for less than 3 years, and classified them as available for sale investments. When the bonds were acquired Colah decided to elect the fair value option for accounting for its investment. At December 31, 2021, the Jackson bonds had a fair value of $2.74 million. Colah sold the Jackson bonds on July 1, 2022 for $2,160,000.
Complete the following table to show the effect of the Jackson bonds on Colah’s net income, other comprehensive income, and comprehensive income for 2021, 2022, and cumulatively over 2021 and 2022.
| 2021 | 2022 | Total | |
| Net income | |||
| OCI | |||
| Comprehensive income |
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