Lux Ltd reported the following selected information for the year ended March 31, 2021:

Prepare income statement with discontinued items and statement of comprehensive income.

The company's income tax rate is 30%. The company reports gains and losses on its equity investments as other comprehensive income.

Instructions

Prepare an income statement and a separate statement of comprehensive income for Lux Limited.

Advertising expense Cash dividends-common Depreciation expense Fees earned Gain on disposal of equipment Holding loss on equity investments $ 7,000 Income tax payable 5,000 Interest expense 3,000 Loss on discontinued operations 62,000 Rent revenue 1,500 Retained earnings, April 1, 2020 3,000 Telephone expense $ 6,600 5,500 18,000 34,000 19,000 8,000