ACC349 Accounting Theory and Practice Chapter 4 Simulation Complete the required tasks utilizing excel and label everything The trial balance of Kroeger, Inc included the following accounts as of December 31, 2021 DEBITS CREDITS Sales Revenue $ 8,200,000 Interest Revenue 60,000 Gain on Sale of Investments 120,000 Gain on Debt Securities 140,000 Loss on Projected Benefit Obligation $ 160,000 Cost of Goods Sold 6,100,000 Selling Expenses 600,000 Goodwill Impairment Loss 500,000 Interest Expense 30,000 General Admin Expenses 500,000 Additional Notes The Gain on Debt Securities represents the increase in the fair value of debt securities and is classified as a component of other comprehensive income Income tax expense has not yet been recorded The effective tax rate is 25 Required Prepare a 2021 single, continuous Statement of Comprehensive Income for Kroeger, Inc Use a Multiple step income statement format Must be in good form with proper heading, proper classifications, and accurate amounts I suggest utilizing Excel for the preparation of the Statement of Comprehensive Income

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ACC349 Accounting Theory and Practice Chapter 4 Simulation Complete the required tasks utilizing excel and label everything. The trial balance of Kroeger, Inc. included the

ACC349 Accounting Theory and Practice

Chapter 4 Simulation

Complete the required tasks utilizing excel and label everything.

The trial balance of Kroeger, Inc. included the following accounts as of December 31, 2021:

DEBITS CREDITS

Sales Revenue $ 8,200,000

Interest Revenue 60,000

Gain on Sale of Investments 120,000

Gain on Debt Securities 140,000

Loss on Projected Benefit Obligation $ 160,000

Cost of Goods Sold 6,100,000

Selling Expenses 600,000

Goodwill Impairment Loss 500,000

Interest Expense 30,000

General & Admin Expenses 500,000

Additional Notes:

The Gain on Debt Securities represents the increase in the fair value of debt securities and is classified as a component of other comprehensive income.
Income tax expense has not yet been recorded. The effective tax rate is 25%

Required: Prepare a 2021 single, continuous Statement of Comprehensive Income for Kroeger, Inc. Use a Multiple-step income statement format. Must be in good form with proper heading, proper classifications, and accurate amounts. I suggest utilizing Excel for the preparation of the Statement of Comprehensive Income.