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Turnball Ltd. is developing financial statements for the year ended December 31, 2019. The average income tax rate is 40 percent. The following pre-tax data are available:
Revenues $420,000Expenses 360,000Gain from Discontinued Operations (pre-tax) 24,000Unrealized foreign exchange loss on translation of foreign subsidiary (net of tax) 10,000
Required:
Problem 1: Assuming all of the above items are subject to the average tax rate of 40%, prepare statement of Comprehensive Income (in proper form) for the year ended December 31, 2019.
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