Exercise 105

Presented below is information related to Wise Company at December 31, 2017, the end of its first year of operations.

Sales revenue 775,000

Cost of goods sold 350,000

Selling and administrative expenses 125,000

Gain on sale of plant assets 75,000

Unrealized gain on available-for-sale investments 25,000

Interest expense 15,000

Loss on discontinued operations 30,000

Allocation to noncontrolling interest 100,000

Dividends declared and paid 12,000

Compute the following. Ignore income tax effects.

(a) Income from operations

(b)Net income

(c)Net income attributable to Wise Company's controlling stockholders

(d)Comprehensive income

(e)Retained earnings balance at December 31, 2017