Presented below is information related to Viel Company at December 31, 2012, the end of its first year of operations.
Sales revenue $310,000
Cost of goods sold 140,000
Selling and administrative expenses 50,000
Gain on sale of plant assets 30,000
Unrealized gain on non-trading equity securities 10,000
Interest expense 6,000
Loss on discontinued operations 12,000
Allocation to non-controlling interest 40,000
Dividends declared and paid 5,000
Instructions
Compute the following:
(a) Income from operations,
(b) Net income,
(c) Net income attributable to Viel Company controlling shareholders,
(d) Comprehensive income, and
(e) Retained earnings balance at December 31, 2012. (Ignore income taxes.)