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Problem - ABC Company provided the following information for the current year:
Income from continuing operations
4,000,000
Income from discontinued operation
500,000
Unrealized gain on financial asset - FVPL
800,000
Unrealized loss on equity investment - FVOCI
1,000,000
Unrealized gain on debt investment - FVOCI
1,200,000
Unrealized gain on futures contract designated as a cash flow hedge
400,000
Translation loss on foreign operation
200,000
Net "remeasurement" gain on defined benefit plan
600,000
Loss on credit risk of a financial liability at FVPL
300,000
Revaluation surplus during the year
2,500,000
Required -
1. What amount should be reported as net income for the current year?
2. What net amount should be reported as OCI for the current year?
3. What amount should be reported as comprehensive income for the current year?
Financial Statement Analysis and Preparation
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