he following information appeared in the trial balance for Base Corp. as of December 31, 2018 (in thousands):

Sales 21950

Cost of goods sold 16375

Selling expenses 1845

General & admin expense 1025

Interest revenue 162

Interest expense 387

Income tax rate 28%

Income taxes have not yet been accrued and these items, above, appear in the income statement of the company every year. The Controller asks you to assess the appropriate treatment for several other nonrecurring transactions, as identified below. All transactions are material and are in thousands, as is the income statement information provided above.

1. Investments sold during the year (trading securities) resulted in a loss of $145;
2. Unrealized gains on available-for-sale investments of $285 were identified for the year;
3. Restructuring costs incurred were $490 during the year;
4. The company completed the sale of one of its operating divisions with operating losses prior to the sale of $630, and a net gain on the asset sale of $840;
5. The company identified that foreign currency translation loss for the year was $362.

Additionally, the company had 1,200,000 shares of common stock outstanding as of the beginning of the year and issued an additional 600,000 shares on July 1.

Required:

Prepare, using Excel, a multiple-step statement of comprehensive income for 2018, including basic earnings per share disclosures (15 points). Secondly, prepare a separate statement of comprehensive income for 2017 (5 points). As you prepare the Excel file, make sure you are following proper Excel processes enter values only once, preferably in a data section on the worksheet and then access these data cells of information when completing the properly formatted statements. If you use Excel as a typewriter you will lose up to 5 points toward your total for this assignment.

The final solution for the case will be to then combine the Excel data into a Word document that presents the issues and the solution in a professional manner. This will involve creating a properly formatted academic paper, following the guidelines as shown in the School of Business Writing Manual. You will introduce the topic situation and then describe the solution developed, incorporating the appropriate data from Excel into the Word document where needed, and the final conclusion. The Word document will be assessed for completeness and presentation write professionally! This portion will represent at least 2 points toward the total. If the formats are not presented properly, tables are used instead of pictures, etc. you may lose more than the 2 points.

Lastly, representing the remaining 3 points available, I expect you to provide a biblical application regarding the need for accountants to properly handle nonrecurring items in accordance with GAAP. Your written response should include a discussion of the issues associated with nonrecurring items (definition, treatments, examples) and the inclusion of an appropriate Bible verse that supports your discussion points. Do not simply discuss biblical applications in general, but relate specifically to the verse and the issue you are discussing.

Make sure to complete both the Excel file and the Word document prior to attempting to upload to the assignment in Blackboard