Explain component of other comprehensive income

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Question: Duke Company's records show the following account balances at December 31, 2021:Sales revenue $16,800,000

Cost of goods sold 9,900,000

General and administrative expense 1,090,000

Selling expense 590,000

Interest expense 790,000

Income tax expense has not yet been determined. The following events also occurred during 2021. All transactions are material in amount.

1. $390,000 in restructuring costs were incurred in connection with plant closings.

2. Inventory costing $490,000 was written off as obsolete. Material losses of this are considered to be unusual.

3. It was discovered that depreciation expense for 2020 was understated by $59,000 due to a mathematical error.

4. The company experienced a negative foreign currency translation adjustment of $290,000 and had an unrealized gain on debt securities of $270,000.

Required: Please make a single, continuous multiple-step statement of comprehensive income for 2021. The company's effective tax rate on all items affecting comprehensive income is 25%. Each component of other comprehensive income should be displayed net of tax. Ignore EPS disclosures. (Amounts to be deducted should be indicated with a minus sign.)

Reference no: EM132714679

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