Comprehensive income
On December 31, 2011, Memphis Co. had the following available for sale investment disclosure within the current Assets section of the balance sheet:
|
Available for sale investments (at cost) |
$105,000 |
|
Plus valuation allowance for available for sale investments |
15,000 |
|
Available for sale investments (at fair value) |
$120,000 |
There were no purchases or sales of available for sale investments during 2012. On December 31, 2012, the fair value of the available for sale investment portfolio was $94,000. The net income of Memphis Co. was $150,000 for 2012.
Compute the comprehensive income for Memphis Co. for the year ended December 31, 2012.
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