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1. What net amount should be reported as OCI for the current year? 2.  What amount should be reported as comprehensive income for the current year?

1. What net amount should be reported as OCI for the current year? 2.  What amount should be reported as comprehensive income for the current year?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. What net amount should be reported as OCI for the current year?

2.  What amount should be reported as comprehensive income for the current year?

Foxeye Company provided the following information for the current year: Income from continuing operations Income from discontinued operations 4,000,000 500,000 Unrealized gain on financial asset – FVPL Unrealized loss on equity investment – FVOCI 800,000 1,000,000 Unrealized gain on debt investment – FVOCI Unrealized gain on futures contract designated as a cash flow hedge Translation loss on foreign operation Net "remeasurement" gain on defined benefit plan Loss on credit risk of a financial liability at FVPL Revaluation surplus during the year 1,200,000 400,000 200,000 600,000 300,000 2,500,000
Transcribed Image Text:Foxeye Company provided the following information for the current year: Income from continuing operations Income from discontinued operations 4,000,000 500,000 Unrealized gain on financial asset – FVPL Unrealized loss on equity investment – FVOCI 800,000 1,000,000 Unrealized gain on debt investment – FVOCI Unrealized gain on futures contract designated as a cash flow hedge Translation loss on foreign operation Net "remeasurement" gain on defined benefit plan Loss on credit risk of a financial liability at FVPL Revaluation surplus during the year 1,200,000 400,000 200,000 600,000 300,000 2,500,000
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