Question: During 2014, Toney Corporation held a portfolio of available-for-sale securities having a cost of $221,700. There were no purchases or sales of investments during the year. The market values at the beginning and end of the year were $261,600 and $210,600, respectively. The net income for 2014 was $204,000, and no dividends were paid during the year. The Stockholders' Equity section of the balance sheet was as follows on December 31, 2013:
Toney Corporation
Stockholders' Equity
December 31, 2013 |
| Common stock |
$47,000 |
| Paid-in capital in excess of par |
350,000 |
| Retained earnings |
461,100 |
| Unrealized gain (loss) on available-for- |
|
|
sale investments |
39,900 |
|
Total |
898,000 |
Prepare the Stockholders' Equity section of the balance sheet for December 31, 2014.