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What amount should be reported as comprehensive income

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Reference no: EM132993242

Question - An entity reported the following data for current year:

Net Sales 9.5m

Cost of goods sold 4m

Selling expenses 1m

Administrative expenses 1.2m

Interest expenses 700k

Gain from expropriation of land 500k

Income tax 800k

Income from discontinued operations 600k

Unrealized gain on equity investment at FVOCI 900k

Unrealized loss on forward contract designated as a cash flow hedge 400k

Increase in projected benefit obligation due to actuarial assumptions 300k

Foreign operation FS translation adjustment - debit 100k

Revaluation surplus 2.5m

Required -

1. What amount should be reported as comprehensive income?

2. What net amount should recognized in other comprehensive income for the year?

3. What amount should be reported as net income?

4. What net amount in OCI should be presented as "may not be recycled to profit or loss?

Reference no: EM132993242

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