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I need help with P1, P2 and P3 please and can you do it step by step please PROBLEMS QUESTIONS P1. Comprehensive income calculation. The

I need help with P1, P2 and P3 please and can you do it step by step please image text in transcribed
PROBLEMS QUESTIONS P1. Comprehensive income calculation. The following information is available for Irwin Company for 2010: Net Income Realized gain on sale of available-for-sale securities Unrealized holding gain arising during the period on $120,000 10,000 24,000 8,000 available-for-sale securities Reclassification adjustment for gains included in net income Instructions (1) Determine other comprehensive income for 2010. (2) Compute comprehensive income for 2010. P2. Lump sum issuance of stock. Parker Corporation has issued 2,000 shares of common stock and 400 shares of preferred stock for a lump sum of $72,000 cash. Instructions (a) Give the entry for the issuance assuming the par value of the common was S5 and th value of the preferred was $40 and the market value $50. (Each valuation is on a per markets for each stock.) (b) Give the entry for the issuance assuming the same facts as (a) above except the prefe and the common stock has a market value of $25 per share. P3. Assume that Stratege Consulting began operations on January 1, year 1, had $500,000 in installment sales in year 1 and a December 31 year 1 balance in installment accounts receivable of $175,000. If Stratege Consulting had $325,000 as its cost of goods sold, calculate year l 1. Gross Profit 2, Gross Profit Percentage (%) 3. Realized/Earned Gross Profit 4. Deferred Gross Profit

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