Reference no: EM133150169

Question - Use the following information for the next three questions - Binay Co. reported the following data for the current year

Net sales P15,000,000

Cost of goods sold 6,350,000

Selling expenses 1,490,000

Administrative expenses 961,000

Interest expense 534,000

Gain from expropriation of land 614,000

Income tax 1,803,700

Income from discontinued operations 750,000

Unrealized gain on equity investment at FVOCI 1,129,000

Unrealized loss on futures contract designated as a cash flow hedge 503,000

Increase in projected benefit obligation due to actuarial assumptions 606,000

Foreign translation adjustment - debit 228,000

Revaluation surplus 3,005,000

Required -

1. What amount should be reported as net income?

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

3. What amount should be reported as comprehensive income?