Home / Questions / Biomet Inc provided the following disclosures in Note 4 of its 2012 annual report It descr...
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) |
Compute the fair market value of Biomet’s available-for-sale equity portfolio for both 2012 and 2011.
What was the effect on the company’s comprehensive income amount associated with its available-for-sale securities?
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.
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