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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, 2018 (S In 000s):
The following Income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the year ended December 31, 2018 (S In 000s): sales revenue, $19,300; cost of goods sold, $8,200; selling expenses, $1,500; general and administrative expenses, $1,000; Interest revenue, $280; Interest expense, $320. Income taxes have not yet been recorded. The company's income tax rate is 40% on all items of income or loss. These revenue and expense items appear in the company's income statement every year. The company's controller, however, has asked for your help In determining the appropriate treatment of the following nonrecurring transactions that also occurred during 2018 (S In 000s). All transactions are material In amount. 1. Investments were sold during the year at a loss of $420. Schembri also had unrealized gains of $530 for the year on Investments. 2. One of the company's factories was closed during the year. Restructuring costs incurred were $2,300. 3. During the year, Schembri completed the sale of one of its operating divislons that qualifies as a component of the entity according to GAAP. The division had Incurred a loss from operations of $760 In 2018 prior to the sale, and lts assets were sold at a galn of $1,800. 4. In 2018, the company's accountant discovered that depreclation expense In 2017 for the office building was understated by $400. 5. Negatlive foreign currency translation adjustment for the year totaled $440. Requlrec 1. Prepare Schembrl's sIngle, continuous multiple-step statement of comprehenslve Income for 2018, Including earnings per share disclosures. One millon shares of common stock were outstanding at the beginning of the year and an additional 400,000 shares were Issued on July 1, 2018. 2. Prepare a separate statement of comprehensive Income for 2018
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