Question 3 Blossom Limited reported the following selected information for the year ended March 31, 2017: Advertising expense Cash dividends-common Depreciation expense Fees earned Gain on disposal of equipment Income tax payable $5,000 4,000 2,000 55,000 1,000 5,000 Interest expense Loss on discontinued operations Loss on equity investments Rent revenue Retained earnings, April 1, 2016 Telephone expense $5,000 10,000 2,000 30,000 15,000 6,000 The company's income tax rate is 25%. The company reports gains and losses on its equity investments as other comprehensive income. Prepare an income statement and a separate statement of comprehensive income for Blossom Limited. BLOSSOM LIMITED Income Statement Year Ended March 31, 2017 Revenues Rent Revenue - $ Fees Earned . Total Revenues $ Operating Expenses - Advertising Expense Depreciation Expense Telephone Expense Total Operating Expenses - $ BLOSSOM LIMITED Statement of Comprehensive Income