The adjusted trial balance for Cullumber Paints Ltd. at December 31, 2024, is presented below. Cullumber's income tax rate is 25% and journal entries for income tax expense have not yet been prepared. There were no common share transactions during the year.

CULLUMBER PAINTS LTD.

Adjusted Trial Balance

December 31, 2024

Debit

Credit

$42,604

Accounts payable

Accounts receivable

Accumulated depreciation--building

Accumulated depreciation-equipment

Accumulated other comprehensive income (loss)-January 1, 2024

Advertising expense

Building

Cash

Cash dividends-common

Common shares (14,040 issued)

Contributed surplus-reacquisition of common shares

Cost of goods sold

Depreciation expense

Dividends payable

Equipment

Gain on sale of equipment

Income tax expense

Income tax payable

Interest expense

Merchandise inventory

Office expense

Other comprehensive income-holding loss on equity investment (before income tax)

Retained earnings- January 1, 2024

Sales

$27.600

113,490

18,954

6.100

331,500

140.400

11,700

198.900

5,850

321.360

22.620

74.100

780

663

3.627

65.099

8.580

4,212

$1,016,898

27,257

608.400

$1.016.898

Prepare a statement of comprehensive income using the all-inclusive format. Use a multi-step format for the profit or loss section.

(Ignore earnings per share.)

CULLUMBER PAINTS LTD.

Statement of Comprehensive Income

The adjusted trial balance for Cullumber Paints Ltd. at December 31, 2024, is presented below. Cullumber's income tax rate is \25 and journal entries for incorne tax experse have not yet been prepared. There were no common share transoctions during the yea, Prepare a statement of comprehensive income using the all-inclusive format. Use a multi-step format for the profit or loss section. (Ienore earnings per share.) Prepare a statement of comprehensive income using the all-inclusive forman. Use a mults-atep formut for the profit or loss section. (lignore earnings per share)