Reference no: EM132696976
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.
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