Exercise 4-2

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

Sales revenue$322,990Cost of goods sold143,460Selling and administrative expenses49,300Gain on sale of plant assets27,900Unrealized gain on available-for-sale investments9,390Interest expense5,590Loss on discontinued operations12,730Dividends declared and paid4,750

Compute the following:

(a)Income from operations$

(b)Net income$

(c)Comprehensive income$

(d)Retained earnings balance at December 31, 2017$