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The following information relates to Moran Co. for the year ended December 31, 2020: net income $1,245.7 million; unrealized holding loss of $10.9 million related to available-for-sale debt securities during the year; accumulated other comprehensive income of $57.2 million on December 31, 2019. Assuming no other changes in accumulated other comprehensive income. Determine (a) other comprehensive income for 2017, (b) comprehensive income for 2017, and (c) accumulated other comprehensive income at December 31, 2017.

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Tundexi

Answer:

a. Other Comprehensive income for 2020 = Unrealized holding loss = -$10.9 million

b. Comprehensive income for 2020 = Net income - Unrealized holding loss = $1,245.7 million -$10.9 million = $1,234.8 million

c. Accumulated other comprehensive income at December 31, 2020 = Accumulated other comprehensive income - Other Comprehensive income for 2020 = $57.2 million - $10.9 million = $46.3 million

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