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

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    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?

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    Solution Preview

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

    Preferred dividends ...

    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?

    $2.19

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