E4-2 (L02,4) (Calculate Measure of Income) Presented below is related information

with Viel Company on December 31, 2017, the end of the first year of operation.

Sales revenue of $ 310,000

The cost of goods sold is 140,000

Sales and administration costs 50,000

Gain on sale of factory assets of 30,000

Unrealized profits from investments available for sale 10,000

Interest expense of 6,000

Losses due to operations in termination of 12,000

Dividends are announced and paid 5,000

Instructions

Calculate the following: (a) income from operations, (b) net income, (c) comprehensive income,

and (d) retained earnings balance as of December 31, 2017. (Ignore the income tax effect.)