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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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