er 4: Homework 2 Problem 4-8 (Algo) Multiple-step statement of income and comprehensive income (LO4-1, 4-3, 4-5, 4-6] Duke Company's records show the following account balances at December 31, 2024 Sales revenue Cost of goods sold General and administrative expense Selling expense Book $19,000,000 11,800,000 1,200,000 Print Interest expense 700,000 900,000 Income tax expense has not yet been determined. The following events also occurred during 2024. All transactions are material In amount 1. $500,000 In restructuring costs were incurred in connection with plant closings. 2. Inventory costing $600,000 was written off as obsolete. Material losses of this type are considered to be unusual. 3. It was discovered that depreciation expense for 2023 was understated by $70,000 due to a mathematical error. The amount is considered material 4. The company experienced a negative foreign currency translation adjustment of $400,000 and had an unrealized gain on debt securities of $380,000 Required: Prepare a single, continuous multiple-step statement of comprehensive Income for 2024. 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, Note: Amounts to be deducted should be indicated with a minus sign. DUKE COMPANY Statement of Comprehensive Income For the Year Ended December 31, 2024 Gross profit Operating expenses Total operating expenses Operating income Other income (expense): Income before income taxes