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Prepare a statement of income and comprehensive income. Debit Credit Retained earnings, 31 December 20X7 $ 51,000 Sales revenue 29,000 Interest expense $ 890 Cost

Prepare a statement of income and comprehensive income.


DebitCredit
Retained earnings, 31 December 20X7$51,000
Sales revenue29,000
Interest expense$890
Cost of sales9,100
Accumulated other comprehensive income, 31 December 20X71,900
Dividends paid3,100
Foreign currency gains and losses on 20X8 transactions4,100
Income tax expense1,670
Selling and administrative expense4,500
Amortization on furniture and fixtures for 20X81,600
Write-off of obsolete inventory640
Impairment of tangible capital assets1,080
Additional contributed capital25,000
Loss on redemption of long-term debt780
Unrealized foreign currency translation loss on self-sustaining U.S. subsidiary for 20X8, net of $179 income tax661

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