Reference no: EM133140410

Question - Presented below is information concerning the results of operations of Moon Corporation for the calendar year:

Cost of goods sold 2,985,000

Administrative expenses 1,300,000

Gain on the sale of trading securities 15,000

Loss on sale of discontinued segments of business 95,000

Interest expense 65,000

Selling expense 1,343,000

Sales 8,650,000

Loss on sale of plant assets 25,500

Correction of error (loss) in previous year's income, due to capitalization of research and development costs 76,000

The following additional information is available:

1. All income items are subject to a 35% income tax rate except the loss on disposal of a segment of the company's operations, which is subject to a 20% income tax rate.

2. The company had 1,000,000 ordinary shares outstanding for January 1 to June 30, when additional 200,000 shares were sold. There was no other share activity during 2015.

3. The following amounts related to the disposed segment are included in the appropriate revenue and cost figures:

Sales P750,000

Cost of goods sold 600,000

Selling expenses 100,000

Administrative expenses 350,000

Interest expense 10,000

Required - Make a statement of profit or loss and comprehensive income for Moon Corporation for the year ended December 31, 20x1?