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Biomet Inc provided the following disclosures in Note 4 of its 2012 annual report It describes the company’s investments in available-for-sale equity securities dollars in millions Unrealized

Biomet Inc. provided the following disclosures in Note 4 of its 2012 annual report. It describes the company’s investments in available-for-sale equity securities (dollars in millions).

Unrealized

 

Cost

Gains

Losses

2012

$16.2

$0.0

(0.2)

2011

79.0

0.1

(4.7)

 

  1. Compute the fair market value of Biomet’s available-for-sale equity portfolio for both 2012 and 2011.

  2. What was the effect on the company’s comprehensive income amount associated with its available-for-sale securities?

  3. Assume that Biomet sold its entire portfolio of available-for-sale securities at the end of 2012. How much income would be realized on the sale? Provide the journal entry.

May 14 2020 View more View Less

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