Question Two - Problem 4-8 (Algo) Multiple-step statement of income and comprehensive income [ILO A3, B1, C1, C2]\ Duke Company's records show the following account balances at December 31, 2024:\ Sales revenue\ Cost of goods sold\ General and administrative expense\ Selling expense\ Interest expense\

$17,200,000

\

10,100,000

\

1,110,000

\ 610,000\ 810,000\ The following events also occurred during 2024. All transactions are material in amount.\

$410,000

in restructuring costs were incurred in connection with plant closings.\ Inventory costing

$510,000

was written off as obsollete. Material losses of this type are considered to be unusual.\ It was discovered that depreciation expense for 2023 was understated by

$61,000

due to a mathematical error. The amount is considered material.\ The company experienced a negative foreign currency translation adjustment of

$310,000

and had an unrealized gain on debt securities of

$290,000

.\ Required: Prepare a single, continuous multiple-step statement of comprehensive income for 2024. The company's effective tax rate on all items affecting comprehensive income is

25%

. Each component of other comprehensive income should be displayed net of tax.

Question Two - Problem 4-8 (Algo) Multiple-step statement of income and comprehensive income [ILO A3, B1, C1, C2] 1. $410,000 in restructuring costs were incurred in connection with plant closings. 2. Inventory costing $510,000 was written off as obsolete. Material losses of this type are considered to be unusual. 3. It was discovered that depreciation expense for 2023 was understated by $61,000 due to a mathematical error. The amount is considered material. 4. The company experienced a negative foreign currency translation adjustment of $310,000 and had an unrealized gain on debt securities of $290,000. - Required: Prepare a single, continuous multiple-step statement of comprehensive income for 2024. The company's effective tax rate on all items affecting comprehensive income is 25%. Each component of other comprehensive income should be displayed net of tax