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Question problem 1: Willie Nelson, Jr., controller for Jenkins Corporation, is preparing the company's financial statements at year-end. Currently, he is focusing on the income statement and determining the format for reporting comprehensive income. During the year, the company earned net income of $400,000 and had unrealized gains on available-for-sale securities of $15,000. In the previous year, net income was $410,000, and the company had no unrealized gains or losses.
Point (a) Show how income and comprehensive income will be reported on a comparative basis for the current and prior years, using the two statement format.
Point (b) Show how income and comprehensive income will be reported on a comparative basis for the current and prior years, using the one statement format.
Point (c) Which format should Nelson recommend?
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