Preparing a Statement of Comprehensive Income Sanders Inc. reported net income of $990,000 for the year ended December 31. The company had a pretax unrealized holding gain on debt securities of $25,200 and a pretax loss on foreign currency translation adjustment of $72,000. The company's tax rate is 25%. Prepare a separate statement of comprehensive income beginning with net income. - Use a negative sign to indicate a loss. Reporting a Change in Accounting Principle to FIFO (first-in, first-out). As a result of using the new method (FIFO), net income would have been $1,100,000 and $1,302,000 in Year 1 and Year 2 , respectively