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2. (9 marks) A corporation is developing financial statements for the year ended December 31, 2018. The average income tax rate is 30 percent. The

2. (9 marks)

A corporation is developing financial statements for the year ended December 31, 2018. The average income tax rate is 30 percent. The following pre-tax data are available:

Revenues

$420,000

Expenses

360,000

Loss from Discontinued Operations (pre-tax)

24,000

Unrealized foreign exchange gain on translation of foreign subsidiary (net of tax)

10,000

Required: Assuming all of the above items are subject to the average tax rate of 30%, prepare a statement of Comprehensive Income for the year ended December 31, 2018.

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