(Solution) - Assume the same information as in E17 19B for Thomlin Company -(2025 Original AI-Free Solution)

Paper Details

Assume the same information as in E17-19B for Thomlin Company. In addition, assume that the investment in the Tiger Inc. stock was sold during 2015 for $278,000. At December 31, 2015, the following information relates to its two remaining investments of common stock.

In E17-19B, Presented below is information related to the purchases of common stock by Thomlin Company during 2014.



Net income before any security gains and losses for 2015 was $1,200,000.

Instructions
(a) Compute the amount of net income or net loss that Thomlin should report for 2015, taking into consideration Thomlin?s security transactions for 2015.
(b) Prepare the journal entry to record unrealized gain or loss related to the investment in Azul Company stock at December 31,2015.