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4. Parmalane reports the following information: Sales revenue $500,000 Cost of goods sold 200,000 Operating expense 40,000 Unrealized loss on non-trading securities 10,000 Parmalane should
4. Parmalane reports the following information: Sales revenue $500,000 Cost of goods sold 200,000 Operating expense 40,000 Unrealized loss on non-trading securities 10,000 Parmalane should report the following under the two-statement approach using GAAP: (a) net income of $260,000 and comprehensive income of $270,000. (b) net income of $270,000 and comprehensive income of $260,000. (c) other comprehensive income of $10,000 and comprehensive income of $270,000. (d) other comprehensive loss of $10,000 and comprehensive income of $250,000
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