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Duke Companys records show the following account balances at December 31, 2016: Duke Company's records show the following account balances at December 31, 2016 Sales
Duke Companys records show the following account balances at December 31, 2016:
Duke Company's records show the following account balances at December 31, 2016 Sales Cost of goods sold General and administrative expenses Selling expenses Interest expense $15,000,000 9,000,000 1,000,000 500,000 700,000 Income tax expense has not yet been determined. The following events also occurred during 2016. Al 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 2015 was understated by $50,000 due toa mathematical error 4. The company experienced a foreign currency translation adjustment loss of $200,000 and had unrealized gains on investments of $180,000 Required Prepare a single, continuous multiple-step statement of comprehensive income for 2016. The company's effective tax rate on all items affecting comprehensive income is 40%. Each component of other comprehensive income should be displayed net of tax. Ignore EPS disclosures. (Amounts to be deducted should be indicated with a minus sign.)Step by Step Solution
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