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a. Prepare Fitzgerald Products' single continuous multiple-step statement of comprehensive income for 2021. b. Prepare a separate statement of comprehensive income for 2021. 4. Fitzgerald
a. Prepare Fitzgerald Products' single continuous multiple-step statement of comprehensive income for 2021.
b. Prepare a separate statement of comprehensive income for 2021.
4. Fitzgerald Products, Inc. provided the following information from its adjusted trial balance for the year ended December 31,2021. The company has not recorded the income tax yet. The company's income lax rate is 20% on all items of income and loss. Nonrecurring transactions that also All transactions are material in amount. The other transactions are as follows: During the year, Fitzgerald Products, Inc. completed the sale of one of its operating department that qualifies as a component of the entity in accordance with GAAP. The department had a loss from operations of $450,000 in 2021 prior to the sale. The assets of the department were soid at a gaiff of $1,200,000. In 2021, it was discovered that depreciation expense in 2020 for the machinery was understated by $15,000. - Positive foreign currency translation adjustment for the year turned out $170,000. Required: a. Prepare Fitzgerald Products' single continuous multiple-step statement of comprehensive income for 2021. b. Prepare a separate statement of comprehensive income for 2021 (20 points)Step by Step Solution
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