The following information is available from the accounting records of DeWitt Engineering Ltd. for the year ended June 30, 2021:

Fee discounts and allowances $26,000 Fee revenue 1,560,000 Interest revenue 6,000 Other operating expenses 590,000 Salaries expense 750,000 Gain on fair value adjustments on equity investments 31,000

Instructions

Illustrate a combined Statement of Income and Comprehensive Income for the year ended June 30, 2021. The company has a 30% income tax rate and records gains and losses on equity investments as other comprehensive income.