Prepare an income statement and a separate statement

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Question - Sandhill Limited reported the following selected information for the year ended March 31, 2017:

Advertising expense $7,000 Interest expense $5,700 Cash dividends-common 6,000 Loss on discontinued operations 18,000 Depreciation expense 3,000 Loss on equity investments 2,000 Fees earned 64,000 Rent revenue 37,000 Gain on disposal of equipment 1,000 Retained earnings, April 1, 2016 19,000 Income tax payable 5,400 Telephone expense 9,000 The company's income tax rate is 34%. The company reports gains and losses on its equity investments as other comprehensive income.

Prepare an income statement and a separate statement of comprehensive income for Sandhill Limited.

Reference no: EM132611217

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