Check my work 2 The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the year ended December 31, 2018 ($ in 000s): sales revenue, $17,500; cost of goods sold, $7,300; selling expenses, $1.410; general and administrative expenses, $910; interest revenue, $160; interest expense, $290. Income taxes have not yet been recorded. The company's income tax rate is 20% on all items of income or loss. These revenue and expense items appear in the company's income statement every year. The company's controller, however, has asked for your help in determining the appropriate treatment of the following nonrecurring transactions that also occurred during 2018 ($ in 000s). All transactions are material in amount. points eBook 1. Investments were sold during the year at a loss of $330. Schembri also had unrealized gains of $400 for the year on investments. 2. One of the company's factories was closed during the year. Restructuring costs incurred were $1,400 3. During the year, Schembri completed the sale of one of its operating divisions that qualifies as a component of the entity according to GAAP. The division had incurred a loss from operations of $550 in 2018 prior to the sale, and its assets were sold at a gain of $1,600. 4. In 2018, the company's accountant discovered that depreciation expense in 2017 for the office building was understated by $310. 5. Negative foreign currency translation adjustment for the year totaled $350. Print References Required: 1. Prepare Schembri's single, continuous multiple-step statement of comprehensive income for 2018, including earnings per share disclosures. One million shares of common stock were outstanding at the beginning of the year and an additional 800,000 shares were issued on July 1, 2018. 2. Prepare a separate statement of comprehensive income for 2018. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare Schembri's single, continuous multiple-step statement of comprehensive income for 2018, including earnings per share disclosures. One million shares of common stock were outstanding at the beginning of the year and an additional 800,000 shares were issued on July 1, 2018. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands. Round EPS answers to 2 decimal places.) Show less SCHEMBRI MANUFACTURING CORPORATION Statement of Comprehensive Income For the Year Ended December 31, 2018 ($ in 000s) Sales revenue Cost of goods sold Gross profit Operating expenses Selling expense General and administrative expense Restructuring costs Total operating expenses Operating income Other income (expense) Loss on sales of investments Interest expense Interest revenue Other income (axpense) Income from continuing operations before income taxes Income tax expense Income from continuing operations Discontinued operations Income from operations of discontinued component Income tax expense Income from discontinued operations Net income Other comprehensive income (loss) Unrealized gains from investments, net of tax Loss from foreign currency translation, net of tax Comprehensive income Earnings per share: Income from continuing operations Income from discontinued operations Net Income Check my work The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the year ended December 31, 2018 ($ in 000s): sales revenue, $17,500; cost of goods sold, $7,300; selling expenses, $1,410; general and administrative expenses, $910; interest revenue, $160; interest expense, $290. Income taxes have not yet been recorded. The company's income tax rate is 20% on all items of income or loss. These revenue and expense items appear in the company's income statement every year. The company's controller, however, has asked for your help in determining the appropriate treatment of the following nonrecurring transactions that also occurred during 2018 ($ in 000s). All transactions are material in amount. points eBook 1. Investments were sold during the year at a loss of $330. Schembri also had unrealized gains of $400 for the year on investments. 2. One of the company's factories was closed during the year. Restructuring costs incurred were $1,400. 3. During the year, Schembri completed the sale of one of its operating divisions that qualifies as a component of the entity according to GAAP. The division had incurred a loss from operations of $550 in 2018 prior to the sale, and its assets were sold at a gain of $1,600. 4. In 2018, the company's accountant discovered that depreciation expense in 2017 for the office building was understated by $310. 5. Negative foreign currency translation adjustment for the year totaled $350. Print References Required: 1. Prepare Schembri's single, continuous multiple-step statement of comprehensive income for 2018, including earnings per share disclosures. One million shares of common stock were outstanding at the beginning of the year and an additional 800,000 shares were issued on July 1, 2018. 2. Prepare a separate statement of comprehensive income for 2018. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a separate statement of comprehensive income for 2018. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.) SCHEMBRI MANUFACTURING CORPORATION Statement of Comprehensive Income For the Year Ended December 31, 2018 ($ in 000s) Net income Other comprehensive income (loss) Unrealized gains from investments, net of tax Loss from foreign currency translation, net of tax Total other comprehensive income Comprehensive income