(Solution) - On January 1 2012 Richards Inc had cash and common -(2025 Original AI-Free Solution)

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On January 1, 2012, Richards Inc. had cash and common stock of $60,000. At that date, the company had no other asset, liability, or equity balances. On January 2, 2012, it purchased for cash $20,000 of equity securities that it classified as available-for-sale. It received cash dividends of $3,000 during the year on these securities. In addition, it has an unrealized holding gain on these securities of $4,000 net of tax. Determine the following amounts for 2012:
(a) Net income;
(b) Comprehensive income;
(c) Other comprehensive income; and
(d) Accumulated other comprehensive income (end of 2012).