Balance sheet presentation of available for sale investments
During 2012, Norcross Corporation held a portfolio of available for sale securities having a cost of $175,000. There were no purchases or sales of investments during the year.
The market value at the beginning and end of the year were $215,000 and $150,000, respectively. The net income for 2012 was $110,000, and no dividends were paid during the year. The Stockholder’s Equity section of the balance sheet was as follows on December 31, 2011:
Norcross corporation
Stockholder’s Equity
December 31, 2011
|
Common stock |
$50,000 |
|
Paid in capital excess of par value |
350,000 |
|
Retained earnings |
265,000 |
|
Unrealized gain (loss) on available for sale investments |
40,000 |
|
Total |
$705,000 |
Prepare the Stockholder’s Equity section of the balance sheet for December 31, 2012.
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