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Presented below is information related to Viel Company at December 31, 2014, the end of its first year of operations.
Sales revenue $310,000Cost of goods sold $140,000Selling and administrative expenses $50,000Gain on sale of plant assets $30,000Unrealized gain on available-for-sale investments $10,000Interest expenses $6,000Loss on discontinued operations $12,000Allocation to noncontrolling interest $40,000Dividends declared and paid $5,000 Instructions
Problem 1: Compute the following: (A) income for operation, (B) net income, (C) net income attributable to Viel companys controlling shareholders, (D) comprehensive income, and (E) retained earnings balance at December 31, 2014.
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