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Statement of Comprehensive Income (17 Marks ). Qualicom Inc.'s information for the fiscal year ended March 31, 2020 is below: Gain on Sale of Equipment

Statement of Comprehensive Income (17 Marks).

Qualicom Inc.'s information for the fiscal year ended March 31, 2020 is below:

Gain on Sale of Equipment 6,000
Interest Expense 38,000
Interest Income 21,000
Gain from disposal of discontinued operations (before tax) 75,000
Income from operations of discontinued operations (before tax) 12,100
Loss - Other (due to break-in) 17,000
Administrative Expenses: $190,000
Cost of Goods Sold 580,000
Loss on Sale of Building 3,500
Marketing and General Expenses 98,000
Retained Earnings 846,000
Sales Revenue 1,140,000
Unrealized Gain on Revaluation of Investments (FV-OCI) 46,300

The tax rate for income from continuing operations and income/gains from discontinued operations is 35%.

Required: Prepare a multiple-step Statement of Comprehensive Income for Qualicom Inc. for the fiscal year ended March 31, 2020 showing expenses by function.

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