On december 31 2009 payton co had the following, Ask an Expert

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On December 31, 2009, Payton Co. had the following available-for-sale investment disclosure within the Current Assets section of the balance sheet:

Available-for-sale investments (at cost) $115,000

Plus valuation allowance for available-for-sale investments 25,000

Available-for-sale investments (at fair value) $140,000

There were no purchases or sales of available-for-sale investments during 2010. On December 31, 2010, the fair value of the available-for-sale investment portfolio was $105,000. The net income of Payton Co. was $155,000 for 2010. Prepare a statement of comprehensive income for Payton Co. for the year ended December 31, 2010.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9957145

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