Exercise 12.13

Minor, Inc., had revenue of $572,000 and expenses (other than income taxes) of $282,000 for the current year. The company is subject to a 35 percent income tax rate. In addition, Minor had a gain from foreign currency translation of $1,700 before income taxes during the year. a. Determine the amount of Minor's net income for the year. b. Determine the total amount of Minor's comprehensive income for the year. c. How would your answers to parts a and b differ if the foreign currency translation had been a loss of $3,300 before income taxes? Exercise 12.13 Part A Revenues Expenses Income before income tax Income tax Net income Part B Net income Other comprehensive income: Gain from foreign currency translation* Comprehensive income