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Prepare an all-inclusive statement of comprehensive income

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Question - You are provided with the following income accounts of Waterway Ltd. for the year ended December 31, 2021. Waterway reported profit from operations of $125,000 for the year ended December 31, 2021. Waterway's income tax rate is 26%.

Interest revenue $5,500

Investment income or (loss) (6,600)

OCI-Holding gain or (loss) 2,800

Interest expense 7,600

Required -

1) Does Waterway use ASPE or IFRS?

2) Prepare an all-inclusive statement of comprehensive income starting with profit from operations.

Reference no: EM133052277

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