Question - The comparative balance sheets for Wellington Inc. reported the following information at December 31, year 1 and year 2:
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December 31
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Year 2
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Year 1
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Retained earnings
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$210,000
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$140,000
|
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Accumulated other comprehensive income
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$30,000
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$35,000
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Wellington declared cash dividends of $20,000 in year 2. The decrease in accumulated other comprehensive income for year 2 was due to unrealized losses on available-for-sale securities. For the year ended December 31, year 2, what was Wellington's comprehensive income?
$95,000
$85,000
$90,000
$65,000