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The partial statement of comprehensive income for Jenn-LO Ltd., a publicly accountable entity, for the year ended December 31, 20x1, is as follows:
Sales $24,000,000
Cost of goods sold (15,000,000)
Gross margin 9,000,000
Operating expenses 7,500,000
Operating income 1,500,000
Income taxes (30%) 450,000
Net income $1,050,000
Required -
Question 1: Prepare revised statement of comprehensive income.
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Business Environment and Company Financial Information
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