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The following pretax amounts are taken from the adjusted trial balance of Gomez Corp. at December 31, its annual year-end. Sales revenue $1,000,000 Unrealized holding
The following pretax amounts are taken from the adjusted trial balance of Gomez Corp. at December 31, its annual year-end. Sales revenue $1,000,000 Unrealized holding loss on debt securities $12,000 Cost of goods sold 560,000 Foreign currency translation adjustment, loss 18,000 Operating expenses 280,000 Common stock, 50,000 shares outstanding 150,000 Interest expense 50,000 Other information: - Assume an average 25% corporate tax rate on all items. - Assume no changes in common stock during the year. - Accumulated other comprehensive income had a $40,000 - Retained earnings had a $387,000 - Dividends declared and paid during the year were $50,000 Required a. Prepare two separate but consecutive statements of income and comprehensive income. Igno
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