Preparing a Statement of Comprehensive Income Sanders Inc. reported net income of $1,100,000 for the year ended December 31, 2020. The company had a pretax unrealized holding gain on debt securities of $28,000 and a pretax loss on foreign currency translation adjustment of $80,000. The company's tax rate is 25%. Prepare a separate statement of comprehensive income beginning with net income. Use a negative sign to indicate a loss. Sanders Inc. Statement of Comprehensive Income For the Year Ended December 31, 2020 |$ 1,100,000 Net Income Unrealized holding gain on debt security investment, net of tax 52,000 Loss on foreign currency translation adjustment, net of tax savings (13,000) $ 0 x Comprehensive income Preparing Multiple-Step Income Statement The following information is from Atlanta Corp. for the 12 months ended December 31, 2020. Prepare a multiple-step income statement (excluding the earnings per share disclosures) assuming a tax rate of 25%. Report income tax expense in its own separate section. Account 2020 Sales revenue $1,280,000 Cost of goods sold 800,000 Selling and administrative expenses 240,000 Interest expense 8,000 Gain on sale of short-term investments 14,080 Atlanta Corp. Income Statement For the Year Ended December 31, 2020 Sales revenue 1,280,000 Cost of goods sold 800,000 Gross profit 480,000 Operating expenses Selling and administrative e 240,000 0 x 0 x Operating income Gain on sale of short-term i 14,080 x 200 Income tax expense 200 $ 0 x Preparing a Statement of Comprehensive Income Sanders Inc. reported net income of $1,100,000 for the year ended December 31, 2020. The company had a pretax unrealized holding gain on debt securities of $28,000 and a pretax loss on foreign currency translation adjustment of $80,000. The company's tax rate is 25%. Prepare a separate statement of comprehensive income beginning with net income. Use a negative sign to indicate a loss. Sanders Inc. Statement of Comprehensive Income For the Year Ended December 31, 2020 |$ 1,100,000 Net Income Unrealized holding gain on debt security investment, net of tax 52,000 Loss on foreign currency translation adjustment, net of tax savings (13,000) $ 0 x Comprehensive income Preparing Multiple-Step Income Statement The following information is from Atlanta Corp. for the 12 months ended December 31, 2020. Prepare a multiple-step income statement (excluding the earnings per share disclosures) assuming a tax rate of 25%. Report income tax expense in its own separate section. Account 2020 Sales revenue $1,280,000 Cost of goods sold 800,000 Selling and administrative expenses 240,000 Interest expense 8,000 Gain on sale of short-term investments 14,080 Atlanta Corp. Income Statement For the Year Ended December 31, 2020 Sales revenue 1,280,000 Cost of goods sold 800,000 Gross profit 480,000 Operating expenses Selling and administrative e 240,000 0 x 0 x Operating income Gain on sale of short-term i 14,080 x 200 Income tax expense 200 $ 0 x