On january 1, 2020, novak inc. had cash and common stock of $61,970. at that date, the company had no other asset, liability, or equity balances. on january 2, 2020, it purchased for cash $23,950 of debt securities that it classified as available-for-sale. it received interest of $3,140 during the year on these securities. in addition, it has an unrealized holding gain on these securities of $5,320 net of tax. determine the following amounts for 2020: (a) net income, (b) comprehensive income, (c) other comprehensive income, and (d) accumulated other comprehensive income (end of 2020).

On January 1, 2020, Novak Inc. had cash and common stock of $61,970. At that date, the company had no other asset, liability, or equity balances. On January 2, 2020, it purchased for cash $23,950 of debt securities that it classified as available-for-sale. It received interest of $3,140 during the year on these securities. In addition, it has an unrealized holding gain on these securities of $5,320 net of tax.

Below, are the net income, comprehensive income, other comprehensive income, and accumulated other comprehensive income:

Net income: 3,140

Comprehensive income: 0

Other comprehensive income: 5,320

Accumulated other comprehensive income: 5,320

answer/// product differentiation;