Minor, Inc., had revenue of $572,000 and expenses (other than income taxes) of $282,000 for the current year. The company is subject to a 35 percent income tax rate. In addition, Minor had a gain from foreign currency translation of $1,700 before income taxes during the year. .
a. Determine the amount of Minor’s net income for the year.
b. Determine the total amount of Minor’s comprehensive income for the year.
c. How would your answers to parts a and b differ if the foreign currency translation had been a loss of $3,300 before income taxes?