Dividends of $7,000 were declared and paid. REQUIRED: a. Classify each transaction as operating or capital and
Question:
Dividends of $7,000 were declared and paid. REQUIRED:
a. Classify each transaction as operating or capital and then prepare an income statement.
b. Compute comprehensive income, and compare it to the income amount calculated in (a).
c. Explain why the two dollar amounts are equal.
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