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Harvatin Group reported net income totaling $1,000,000 for the year 2006. The following is EXERCISE 6-4 additional information obtained from the...
Harvatin Group reported net income totaling $1,000,000 for the year 2006. The following is EXERCISE 6-4 additional information obtained from the Harvatin Group's financial reports: The Company purchased 100,000 shares of Micron Specialists for $10 per share during the fourth quarter of 2006. The investment is accounted for as "available for sale." The value of the shares is $9 at the end of 2006. The Company purchased 10,000 shares of Sunswept Properties for $20 per share during the fourth quarter of 2006. The investment is accounted for as "trading" securities. The value of the shares is $22 at the end of 2006. The company began operations in the Baltic region of Europe during the year and reports a foreign currency translation gain at the end of 2006 totaling $50,000. The decrease in the net pension assets for the year was $175,000. However, the periodic pension expense reported in the income statement was only $100,000. The company reported unrealized holding losses on derivative instruments totaling $12,000. Required: a. Compute comprehensive income for Harvatin Group. b. For each item in comprehensive income, discuss balance sheet accounts affected by the item
