Question
Duke Company's records show the following account balances at December 31, 2021: Sales revenue 17,400,000 Cost of goods sold 10,200,000 General and administrative expense 1,120,000
Duke Company's records show the following account balances at December 31, 2021:
Sales revenue | 17,400,000 |
Cost of goods sold | 10,200,000 |
General and administrative expense | 1,120,000 |
Selling expense | 620,000 |
Interest expense | 820,000 |
Income tax expense has not yet been determined. The following events also occurred during 2021. All transactions are material in amount.
- $420,000 in restructuring costs were incurred in connection with plant closings.
- Inventory costing $520,000 was written off as obsolete. Material losses of this type are considered to be unusual.
- It was discovered that depreciation expense for 2020 was understated by $62,000 due to a mathematical error.
- The company experienced a negative foreign currency translation adjustment of $320,000 and had an unrealized gain on debt securities of $300,000.
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. (Amounts to be deducted should be indicated with a minus sign.)
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