Q- MG, Inc. reported net income for the year ending December 31, 2012 of $483,500. Dividends paid during the year totaled $42,900. The company holds available-for-sale securities with an original cost of $162,000 and a fair value of $171,000 at the end of the year. They also hold trading securities with an original cost of $150,000 and a fair value of $147,000. Retained Earnings on January 1, 2012 was $736,400 and Accumulated Other Comprehensive Income on January 1, 2012 was $16,200.
A) Calculate the following balances to be reported in the financial statements dated December 31, 2012.
-Valuation Allowance for Available-for-Sale securities =__
- Comprehensive Income =__
- Retained Earnings =__
- Accumulated Other Comprehensive Income =__