The controller of Shembri manufacturing corporation has asked for your help in determining the appropriate treatment of the following non recurring transactions that also occurred during 2019 Investments are sold during the year at a loss of $220 Schembri had unrealized gains of $320 for the year on investments accounted for as available for sale securities During the year, shembri had decided to stop one of its operating divisions that was considered a separate product line The division incurred an operating loss of $560 in 2019 prior to the sale and net assets of the divisions were sold at a gain of $1400 In 2019, the companys accountant discovered that depreciation expense in 2018 for the office building was understated by $200 Foreign currency translation losses for the year totaled $240 Required State where these items should be placed in the related statement of income, retained earnings and comprehensive income statement (specify the section under which it is placed and the statement)

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Posted on Aug 12, 2024

The controller of Shembri manufacturing corporation has asked for your help in determining the appropriate treatment of the following non recurring transactions that also occurred

The controller of Shembri manufacturing corporation has asked for your help in determining the appropriate treatment of the following non recurring transactions that also occurred during 2019

Investments are sold during the year at a loss of $220.
Schembri had unrealized gains of $320 for the year on investments accounted for as available for sale securities
During the year, shembri had decided to stop one of its operating divisions that was considered a separate product line. The division incurred an operating loss of $560 in 2019 prior to the sale and net assets of the divisions were sold at a gain of $1400
In 2019, the companys accountant discovered that depreciation expense in 2018 for the office building was understated by $200
Foreign currency translation losses for the year totaled $240.

Required: State where these items should be placed in the related statement of income, retained earnings and comprehensive income statement: (specify the section under which it is placed and the statement)