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Duke Company's records show the following account balances at December 31, 2021: Sales revenue Cost of goods sold General and administrative expense Selling expense Interest
Duke Company's records show the following account balances at December 31, 2021: Sales revenue Cost of goods sold General and administrative expense Selling expense Interest expense $18,000,eee 10,500,eee 1,150,000 650, eee 850,00 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 galn on debt securities of $330,000. 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.) DUKE COMPANY Statement of Comprehensive Income For the Year Ended December 31, 2021 Gross profit Operating expenses: Total operating expenses Operating income Other income (expense): Income before income taxes Net income Other comprehensive income, net of tax: Total other comprehensive income (loss) Comprehensive income
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