An inexperienced accountant for Silva Corporation showed the following in the income statement: net income $337,500 and

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An inexperienced accountant for Silva Corporation showed the following in the income statement: net income $337,500 and unrealized gain on available-for-sale securities (before taxes) $70,000. The unrealized gain on available-for-sale securities is subject to a 25% tax rate. Prepare a correct statement of comprehensive income. Indicate how a change in accounting principle is reported.

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Survey Of Accounting

ISBN: 9781119594536

2nd Edition

Authors: Paul D. Kimmel, Jerry J. Weygandt

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