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Problem
The trial balance of Rollins Inc. included the following accounts as of December 31, 2016:
Debits
Credits
Sales revenue
5,900,000
Interest revenue
40,000
Loss on sale of investments
10,000
Unrealized losses on investments
150,000
Foreign currency translation gains
260,000
Cost of goods sold
4,400,000
Selling expenses
400,000
Restructuring costs
180,000
Interest expense
20,000
General and administrative expenses
300,000
Rollins had 100,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 40%.
Required:
Prepare a 2016 single, continuous statement of comprehensive income for Rollins Inc. Use a multiple-step income statement format.
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