5 revenue rest revenue on sale of investments on debt securities on projected benefit obligation I of goods sold will impairment loss ing expense rest expense ral and administrative expense Debits $ 155,000 6,155,000 750,000 525,000 25,000 450,000 Credits $ 8,350,000 55,000 115,000 137,500 ain on debt securities represents the increase in the fair value of debt securities and ehensive income. Kroeger had 300,000 shares of stock outstanding throughout the led. The effective tax rat is 25%
5 revenue rest revenue on sale of investments on debt securities on projected benefit obligation I of goods sold will impairment loss ing expense rest expense ral and administrative expense Debits $ 155,000 6,155,000 750,000 525,000 25,000 450,000 Credits $ 8,350,000 55,000 115,000 137,500 ain on debt securities represents the increase in the fair value of debt securities and ehensive income. Kroeger had 300,000 shares of stock outstanding throughout the led. The effective tax rat is 25%
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The trial balance of Kroeger Incorporated included the following accounts as of December 31, 2024:
Sales revenue
Interest revenue
Gain on sale of investments
Gain on debt securities
Cost of goods sold
Loss on projected benefit obligation
Selling expense
Goodwill impairment loss
Interest expense
General and administrative expense
Debits
Credits
$ 8,350,000
$55,000
115,000
137,500
$ 155,000
6,155,000
750,000
525,000
25,000
450,000
The gain on debt securities represents the increase in the fair value of debt securities and is classified a component of other
comprehensive income. Kroeger had 300,000 shares of stock outstanding throughout the year. Income tax expense has not yet been
recorded. The effective tax rate is 25%.
Required:
Prepare a 2024 separate statement of comprehensive income for Kroeger Incorporated.
Note: Amounts to be deducted should be indicated with a minus sign.
KROEGER INCORPORATED
Statement of Comprehensive Income
For the Year Ended December 31, 2024
Net income
Other comprehensive income (net of tax):
Total other comprehensive income (loss)
Comprehensive income
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