Compute the following:(a)Income from continuing operations(b)Net income$(c)Net income attributable to Sunland Company's controlling shareholders$(d)Comprehensive income(e)Retained earnings balance at December 31, 2017%24%24%24%24%24 Presented below is information related to Sunland Company as of and for the year ended December 31, 2017. This was SunlandCompany's first year of operations. (Ignore income tax effects.)Sales revenue$ 1,380,000Cost of goods sold700,000Selling and administrative expenses320,000Loss on sale of plant assets68,000Unrealized gain on available-for-sale investments17,000Interest expense5,800Interest revenue3,900Loss on discontinued operations2,600Allocation to noncontrolling interest8,700Divdeclared and paid27,200

Solution:- a)Calculation of income from operations as follows:- It is calculated by Sales Revenue…

Answered: (a) Income from continuing operations…

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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(a) Income from continuing operations b) Net income (c) Net income attributable to Sunland Company's controlling shareholders %24 %24