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Reporting a Comprehensive Income Statement Wagner Inc. has service revenue of $1,200,000, operating expenses of $720,000, and an unrealized holding loss of $60,000 on
Reporting a Comprehensive Income Statement Wagner Inc. has service revenue of $1,200,000, operating expenses of $720,000, and an unrealized holding loss of $60,000 on debt security investments for the year ended December 31, 2020. Its income tax rate is 25%. Required a. Prepare a single continuous statement of comprehensive income. Ignore earnings per share disclosures. Do not use negative signs with any of your answers. Wagner Inc. Statement of Comprehensive Income For the Year Ended December 31, 2020 Service revenue $ 0 x Operating expenses 0 x Income before income tax 0 x 0 x Income tax expense 0 x Net income Unrealized holding loss on security investments, net of ta> Comprehensive income 0 x 0 x b. Prepare two separate statements of income and comprehensive income. Ignore earnings per share disclosures. Do not use negative signs with any of your answers. Wagner Inc. Income Statement For the Year Ended December 31, 2020 Service revenue Operating expenses Income before income tax Income tax expense Net income Wagner Inc. Statement of Comprehensive Income For the Year Ended December 31, 2020 $ 0 * 0 x 0 x 0 x 0 x Net income $ 0 x Unrealized holding loss on security investments, net of ta> + Comprehensive income 0 x $ 0 x
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