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The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the year ended December 31, 2024 (all amounts are
The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the year ended December 31, 2024 (all amounts are in thousands): Income taxes have not been recorded for the year. The revenue and expense items above appear in the company's income statement every year. The company's controller has asked for your help in determining the appropriate treatment of the following nonrecurring items (all noted in thousands): 1. Investments were sold during the year at a loss of $220. Schembri also had an unrealized gain of $320 on investments in debt securities that qualify as components of comprehensive income. 2. One of the company's factories was closed during the year. Restructuring costs incurred were $1,200. 3. During the year, Schembri completed the sale of one of its operating divisions that qualifies as a component of the entity according to GAAP. The division had incurred a loss from operations of $560 in 2024 prior to the sale, and its assets were sold at a gain of $1,400. 4. In 2024, the company's accountant discovered that depreciation expense in 2020 for the office building was understated by $200. 5. Negative foreign currency translation adjustment for the year totaled $240. Prepare a single, continuous multiple-step statement of comprehensive income for 2024 including EPS. There were 1,000,000 shares of common stock outstanding for the entire year. Prepare a separate statement of comprehensive income for 2024
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