Question
Duke Company's records show the follow accounts balance at December 31, 2021 Sales Revenue $ 15,000,000 Cost of goods sold 9,000,000 General and Administrative expense
Duke Company's records show the follow accounts balance at December 31, 2021
Sales Revenue | $ 15,000,000 |
Cost of goods sold | 9,000,000 |
General and Administrative expense | 1,000,000 |
Selling expense | 500,000 |
Interest expense | 700,000 |
Income tax expense has not yet been determined. the following events also occurred during 2021. all transactions are material in amount.
1. $300,000 in restructuring costs were incurred in connection with plant closings.
2. inventory costing $400,000 was written off as obsolete. Material losses of this type are considered to be unusual.
3. it was discovered that depreciation expense for 2020 was understated by %50,000 due to a mathematical error.
4. the company experienced a negative foreign currency translation adjustment of $200,000 and had an unrealized gain on debt in securities of $180,000
Required:
Prepare a single, continuous multiple-step statement of comprehensive income for 2021. The company's effective tax rate on all items affecting comprehensive income is 25%. Each component of other comprehensive income should be displayed net of tax. Ignore EPS disclosures. use a multiple-step format.
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