in a Word document, provide a description of what Comprehensive Income and Other Comprehensive Items are

• Issued 15,000 shares of $20 par common stock at $30, receiving cash.
• Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash.
• Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually.
• Declared a quarterly dividend of $0.50 per share on common stock and $1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. Journalize the common stock and the preferred stock entries separately.
• Paid the cash dividends declared in the previous bullet point..
• Purchased 8,000 shares of treasury common stock at $33 per share.
• Declared a $1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued.
• Paid the cash dividends to the preferred stockholders.
• Sold, at $38 per share, 2,600 shares of treasury common stock purchased in the sixth bullet point.
• Recorded the payment of semiannual interest on the bonds issued in in bullet point 3 and the amortization of the premium for six months. The amortization is determined using the straight-line method.
• The business also had a Store Supplies Expense of $21,000 during the year.

Income statement data: Advertising expense $150,000 Cost of goods sold 3,700,000 Delivery expense 30,000 30,000 Depreciation expense-office buildings and equipment Depreciation expense-store buildings and equipment 100,000 140,500 Income tax expense Interest expense 21,000 Interest revenue 30,000 Miscellaneous administrative expense 7,500 14,000 Miscellaneous selling expense Office rent expense 50,000 Office salaries expense 170,000 Office supplies expense 10,000 Sales 5,313,000 Sales commissions 185,000 Sales salaries expense 385,000 Retained earnings and balance sheet data: Accounts payable Accounts receivable Accumulated depreciation-office buildings and equipment Accumulated depreciation-store buildings and equipment $194,300 545,000 1,580,000 4,126,000 8,450 Allowance for doubtful accounts Bonds payable, 5%, due in 10 years 500,000 Cash 282,850 Common stock, $20 par (400,000 shares authorized; 85,000 shares issued, 94,600 outstanding), January 1, 20Y8 Dividends: 1,700,000 Cash dividends for common stock Cash dividends for preferred stock Goodwill Income tax payable Interest receivable 155,120 100,000 700,000 44,000 1,200 778,000 4,320,000 0 736,800 Inventory (December 31, 20Y8), at lower of cost (FIFO) or market Office buildings and equipment Paid-in capital from sale of treasury stock, January 1, 20Y8 Paid-in capital in excess of par-common stock, January 1, 2048 Paid-in capital in excess of par-preferred stock, January 1, 2048 Preferred 5% stock, $80 par (30,000 shares authorized; 16,000 shares issued), January 1, 2048 Premium on bonds payable 70,000 Prepaid expenses 1,280,000 19,000 27,400 8,197,220 12,560,000 Retained earnings, January 1, 2048 Store buildings and equipment Treasury stock, January 1, 2048 0 The comparative balance sheet of Merrick Equipment Co. for December 31, 2049 and 2048, is as follows: Dec. 31, Dec. 31, 2079 20Y8 Assets Cash $70,720 $47,940 Accounts receivable (net) 207,230 188,190 Inventories 298,520 289,850 Investments 0 102,000 Land 295,800 0 Equipment 438,600 358,020 Accumulated depreciation equipment (99,110) (84,320) Total assets $1,211,760 $901,680 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $ 205,700 $194,140 Accrued expenses payable (operating expenses) 30,600 26,860 Dividends payable 20,400 25,500 202,000 Common stock, $1 par 102,000 Paid-in capital in excess of par-common stock 354,000 204,000 Retained earnings 393,960 354,280 Total liabilities and stockholders' equity $1,211,760 $901,680 Additional data obtained from an examination of the accounts in the ledger for 2049 are as follows: a. Equipment and land were acquired for cash. b. There were no disposals of equipment during the year. c. The investments were sold for $91,800 cash. d. The common stock was issued for cash. e. There was a $141,680 credit to Retained Earnings for net income. f. There was a $102,000 debit to Retained Earnings for cash dividends declared. Income statement data: Advertising expense $150,000 Cost of goods sold 3,700,000 Delivery expense 30,000 30,000 Depreciation expense-office buildings and equipment Depreciation expense-store buildings and equipment 100,000 140,500 Income tax expense Interest expense 21,000 Interest revenue 30,000 Miscellaneous administrative expense 7,500 14,000 Miscellaneous selling expense Office rent expense 50,000 Office salaries expense 170,000 Office supplies expense 10,000 Sales 5,313,000 Sales commissions 185,000 Sales salaries expense 385,000 Retained earnings and balance sheet data: Accounts payable Accounts receivable Accumulated depreciation-office buildings and equipment Accumulated depreciation-store buildings and equipment $194,300 545,000 1,580,000 4,126,000 8,450 Allowance for doubtful accounts Bonds payable, 5%, due in 10 years 500,000 Cash 282,850 Common stock, $20 par (400,000 shares authorized; 85,000 shares issued, 94,600 outstanding), January 1, 20Y8 Dividends: 1,700,000 Cash dividends for common stock Cash dividends for preferred stock Goodwill Income tax payable Interest receivable 155,120 100,000 700,000 44,000 1,200 778,000 4,320,000 0 736,800 Inventory (December 31, 20Y8), at lower of cost (FIFO) or market Office buildings and equipment Paid-in capital from sale of treasury stock, January 1, 20Y8 Paid-in capital in excess of par-common stock, January 1, 2048 Paid-in capital in excess of par-preferred stock, January 1, 2048 Preferred 5% stock, $80 par (30,000 shares authorized; 16,000 shares issued), January 1, 2048 Premium on bonds payable 70,000 Prepaid expenses 1,280,000 19,000 27,400 8,197,220 12,560,000 Retained earnings, January 1, 2048 Store buildings and equipment Treasury stock, January 1, 2048 0 The comparative balance sheet of Merrick Equipment Co. for December 31, 2049 and 2048, is as follows: Dec. 31, Dec. 31, 2079 20Y8 Assets Cash $70,720 $47,940 Accounts receivable (net) 207,230 188,190 Inventories 298,520 289,850 Investments 0 102,000 Land 295,800 0 Equipment 438,600 358,020 Accumulated depreciation equipment (99,110) (84,320) Total assets $1,211,760 $901,680 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $ 205,700 $194,140 Accrued expenses payable (operating expenses) 30,600 26,860 Dividends payable 20,400 25,500 202,000 Common stock, $1 par 102,000 Paid-in capital in excess of par-common stock 354,000 204,000 Retained earnings 393,960 354,280 Total liabilities and stockholders' equity $1,211,760 $901,680 Additional data obtained from an examination of the accounts in the ledger for 2049 are as follows: a. Equipment and land were acquired for cash. b. There were no disposals of equipment during the year. c. The investments were sold for $91,800 cash. d. The common stock was issued for cash. e. There was a $141,680 credit to Retained Earnings for net income. f. There was a $102,000 debit to Retained Earnings for cash dividends declared