Duke Companys records show the following account balances at December 31, 2021:

Sales revenue	$18,000,000
Cost of goods sold	10,500,000
General and administrative expense	1,150,000
Selling expense	650,000
Interest expense	850,000

Income tax expense has not yet been determined. The following events also occurred during 2021. All transactions are material in amount.

1. $450,000 in restructuring costs were incurred in connection with plant closings.

2. Inventory costing $550,000 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 $65,000 due to a mathematical error.

4. The company experienced a negative foreign currency translation adjustment of $350,000 and had an unrealized gain on debt securities of $330,000.

Required: Prepare a single, continuous multiple-step statement of comprehensive income for 2021. The companys 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.)

Answer is complete but not entirely correct. DUKE COMPANY Statement of Comprehensive Income For the Year Ended December 31, 2021 Sales revenue Cost of goods sold Gross profit Operating expenses: Selling expenses $ 650,000 General and administrative expenses 1,150,000 $ 18,000,000 (10,500,000) 7,500,000 Restructuring costs Loss on inventory write-down 450,000 550,000 2,800,000 4,700,000 Total operating expenses Operating income Other income (expense): Interest expense (850,000) 3,850,000 962,500 2,887,500 Income before income taxes Income tax expense Net income Other comprehensive income, net of tax: Foreign currency translation adjustment Gain on debt securities Total other comprehensive income (loss) Comprehensive income (350,000) X 330,000 X (20,000) 2,867,500 $