Reference no: EM133011297

Presented below is information related to Viel Company at December 31, 2014, the end of its first year of operations.

Sales revenue $310,000
Cost of goods sold $140,000
Selling and administrative expenses $50,000
Gain on sale of plant assets $30,000
Unrealized gain on available-for-sale investments $10,000
Interest expenses $6,000
Loss on discontinued operations $12,000
Allocation to noncontrolling interest $40,000
Dividends 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.