Please correct solve With Explanation and Do not Give Solution in image format The following information relates to Sunland Company for 2022:Realized gain on sale of available-for-sale securitiesUnrealized holding gains arising during the period on available-for-sale securities$47900107300Reclassification adjustment for gains included in net incomeThe amounts to add to or subtract from Sunland's 2022 net income to determine comprehensive incomeare.34700During 2021, Cullumber Company purchased 13000 shares of Bonita Corp. common stock for $279500 asa passive interest investment. The fair value of these shares was $375700 at December 31, 2021. During2022, Cullumber sold all of the Bonita stock for $293800. Cullumber Company should report a realizedgain on the sale of stock in 2022 of

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During 2021, Cullumber Company purchased 13000 shares of Bonita Corp. common stock for $279500 as a passive interest investment. The fair value of these shares was $375700 at December 31, 2021. During 2022, Cullumber sold all of the Bonita stock for $293800. Cullumber Company should report a realized gain on the sale of stock in 2022 of

During 2021, Cullumber Company purchased 13000 shares of Bonita Corp. common stock for $279500 as a passive interest investment. The fair value of these shares was $375700 at December 31, 2021. During 2022, Cullumber sold all of the Bonita stock for $293800. Cullumber Company should report a realized gain on the sale of stock in 2022 of

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 2MC: During 2021, Anthony Company purchased debt securities as a long-term investment and classified them...

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