Question
I need help, as I keep getting the Two Items under Other comprehensive income, net of tax: incorrect - see screen shot below: Below is
I need help, as I keep getting the Two Items under Other comprehensive income, net of tax: incorrect - see screen shot below:
Below is information on the question:
Duke Companys records show the following account balances at December 31, 2024:
Income tax expense has not yet been determined. The following events also occurred during 2024. All transactions are material in amount.
- $400,000 in restructuring costs were incurred in connection with plant closings.
- Inventory costing $500,000 was written off as obsolete. Material losses of this type are considered to be unusual.
- It was discovered that depreciation expense for 2023 was understated by $60,000 due to a mathematical error. The amount is considered material.
- The company experienced a negative foreign currency translation adjustment of $300,000 and had an unrealized gain on debt securities of $280,000.
Required:
Prepare a single, continuous multiple-step statement of comprehensive income for 2024. The companys 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.
SalesrevenueCostofgoodssoldGeneralandadministrativeexpenseSellingexpenseInterestexpense$17,000,00010,000,0001,100,000600,000800,000 SalesrevenueCostofgoodssoldGeneralandadministrativeexpenseSellingexpenseInterestexpense$17,000,00010,000,0001,100,000600,000800,000Step by Step Solution
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