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Presented below is information related to Wise Company for the year ended December 31, 2021. Allocation to noncontrolling interest $100,000 Correction of error from overstating
Presented below is information related to Wise Company for the year ended December 31, 2021. Allocation to noncontrolling interest $100,000 Correction of error from overstating Sales in 2014 100,000 Cost of goods sold 350,000 Dividends declared and paid by Wise 12,000 Dividend received on Wises investments 25,000 Gain on sale of plant assets 50,000 Interest expense 15,000 Loss on discontinued operations 30,000 Retained earnings at January 1, 2021 600,000 Sales revenue 775,000 Selling and administrative expenses 125,000 Unrealized gain on debt securities 25,000 Instructions Compute the following: (a) income from operations, (b) net income, (c) net income attributable to Wise Companys controlling stockholders, (d) comprehensive income, and (e) retained earnings balance at December 31, 2021. Ignore income tax effects. YOU SHOULD BE ABLE TO PREPARE the Income Statement, Statement of Comprehensive Income and Statement of Retained Earnings
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