For the year ended December 31, 2010, Transformers Inc. repo

5. (TCO C) For the year ended December 31, 2010, Transformers Inc. reported the following:
Net income $ 60,000

Preferred dividends declared, $10,000
Common dividend declared, $2,000
Unrealized holding loss, net of tax; $1,000
Retained earnings $80,000
Common stock, $40,000
Accumulated Other Comprehensive Income, Beginning Balance 5,000

What would Transformers report as its ending balance of Accumulated Other Comprehensive Income?

Solution Summary

For the year ended December 31, 2010, Transformers Inc. reported the following:
Net income $ 60,000

Preferred dividends declared, $10,000
Common dividend declared, $2,000
Unrealized holding loss, net of tax; $1,000
Retained earnings $80,000
Common stock, $40,000
Accumulated Other Comprehensive Income, Beginning Balance 5,000

What would Transformers report as its ending balance of Accumulated Other Comprehensive Income?