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The Massoud Consulting Group reported net income of $1,380,000 for its fiscal year ended December 31, 2021. In addition, during the experienced a positive foreign
The Massoud Consulting Group reported net income of $1,380,000 for its fiscal year ended December 31, 2021. In addition, during the experienced a positive foreign currency translation adjustment of $370,000 and an unrealized loss on debt securities of $40,000. The company's effective tax rate on all items affecting comprehensive income is 25% Each component of other comprehensive income is displayed net of tax. Required: Prepare a separate statement of comprehensive income for 2021 (Amount to be deducted should be indicated with a minus slgn.) THE MASSOUD CONSULTING GROUP Statement of Comprehensive Income For the Year Ended December 31, 2021 Net income Other comprehensive income, net of tac Foreign currency translation adjustment Loss on debt securities Total other comprehensive income Comprehensive income
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