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Please help me with the part I got wrong and tell me why I got it wrong The Massoud Consulting Group reported net income of
Please help me with the part I got wrong and tell me why I got it wrong
The Massoud Consulting Group reported net income of $1, 374,000 for its fiscal year ended December 31, 2016. In addition, during the year the company experienced a foreign currency translation adjustment gain of $340,000 and had unrealized losses on investment securities of $85,000. The company's effective tax rate on all items affecting comprehensive income is 40%. Each component of other comprehensive income is displayed net of tax. Prepare a separate statement of comprehensive income for 2016. (Amount to be deducted should be indicated with a minus sign.)Step by Step Solution
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