Reference no: EM132888840
An entity reported the following data for the current year:
Net sales 9,500,000
Cost of goods sold 4,000,000
Selling expenses 1,000,000
Administrative expenses 1,200,000
Interest expense 700,000
Gain from expropriation of land 500,000
Income tax 800,000
Income from discontinued operations 600,000
Unrealized gain on equity investment at FVOCI 900,000
Unrealized loss on futures contract designated as a cash flow hedge 400,000
Increase in projected benefit obligation due to actuarial assumptions 300,000
Foreign translation adjustment - credit 100,000
Revaluation surplus during the current year 2,500,000
Problem 1: What net amount should be recognized in other comprehensive income?
a. 2,600,000
b. 3,100,000
c. 3,400,000
d. 2,800,000
Problem 2: What net amount in OCI should not be recycled to profit or loss?
a. 3,400,000
b. 2,700,000
c. 3,700,000
d. 3,100,000
Problem 3: What amount should be reported as comprehensive income?
a. 5,500,000
b. 2,900,000
c. 5,700,000
d. 6,000,000