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Please help as soon as possible. Thank you! Crypto Corporation recognizes net income of $150,000 along with an other comprehensive gain of $32,400 (pre-tax) for
Please help as soon as possible. Thank you!
Crypto Corporation recognizes net income of $150,000 along with an other comprehensive gain of $32,400 (pre-tax) for the current year ended December 31 . The prior year December 31 balance in accumulated other comprehensive income is $68,400 (credit balance), and the balance in retained earnings is $48,000 (credit balance). Assume a tax rate of 25%. a. Prepare a statement of comprehensive income for the current year. b. Determine the ending balance in accumulated other comprehensive income on December 31 of the current year. - Note: Do not use a negative sign with your answer. Accumulated OCl, ending balance $Step by Step Solution
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