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Find ending balance of accumulated comprehensive income

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Reference no: EM133112892

Question - George Limited reported the following for 2020:

Sales revenue $900000

cost of sales $750000

Operating expenses $100000

Gains related to translation of foreign operations $75000

The company had January 1, 2020 balances as follows:

Common shares, $600000

Accumulated other comprehensive income $250000

Retained earnings $900000

The company did not issue any shares during 2020. On December 15, 2020, the board of directors declared a $300000 dividend payable on January 31, 2021. The income tax rate is 20%. Find the ending balance of accumulated other comprehensive income on December 31, 2020?

Reference no: EM133112892

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