The temporary investments of Secure Connections, Inc., include only 10,000 shares of Lambert Acres, Inc., common stock purchased on January 10, 2006, for $20 per share. As of the December 31, 2006, balance sheet date, assume that the share price declined to $17 per share. As of the December 31, 2007, balance sheet date, assume that the share price rose to $27 per share. The investment was held through December 31, 2007. Assume a tax rate of 40%.
a. Determine the net after-tax unrealized gain or loss from holding the Lambert Acres common stock for 2006 and 2007. b. What is the balance of Accumulated Other Comprehensive Income or Loss for December 31, 2006, and December 31, 2007? c. Where is Accumulated Other Comprehensive Income or Loss disclosed on the financial statements?
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