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Question - Wildhorse Limited reported the following selected information for the year ended March 31, 2021:
Advertising expense
$6,000
Interest expense
$5,800
Cash dividends-common
5,000
Loss on discontinued operations
13,000
Depreciation expense
3,000
Rent revenue
30,000
Fees earned
61,000
Retained earnings, April 1, 2020
17,000
Gain on disposal of equipment
2,000
Telephone expense
8,000
Holding loss on equity investments
4,000
Income tax payable
6,800
The company's income tax rate is 30%. The company reports gains and losses on its equity investments as other comprehensive income.
Required - Prepare an income statement and a separate statement of comprehensive income for Wildhorse Limited.
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