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Duke Company's records show the following account balances at December 31, 2024: Sales revenue Cost of goods sold General and administrative expense Selling expense Interest expense $ 15,600,000 9,300,000 1,030,000 530,000 730,000 Income tax expense has not yet been determined. The following events also occurred during 2024. All transactions are material in amount. 1. $330,000 in restructuring costs were incurred in connection with plant closings. 2. Inventory costing $430,000 was written off as obsolete. Material losses of this type are considered to be unusual. 3. It was discovered that depreciation expense for 2023 was understated by $53,000 due to a mathematical error. The amount is considered material. 4. The company experienced a negative foreign currency translation adjustment of $230,000 and had an unrealized gain on debt securities of $210,000. Required: Prepare a single, continuous multiple-step statement of comprehensive income for 2024. The company's effective tax rate on all items affecting comprehensive income is 25%. Each component of other comprehensive income should be displayed net of tax. Ignore EPS disclosures. Note: Amounts to be deducted should be indicated with a minus sign.

Duke Company's records show the following account balances at December 31, 2024: Sales revenue Cost of goods sold General and administrative expense Selling expense Interest expense $ 15,600,000 9,300,000 1,030,000 530,000 730,000 Income tax expense has not yet been determined. The following events also occurred during 2024. All transactions are material in amount. 1. $330,000 in restructuring costs were incurred in connection with plant closings. 2. Inventory costing $430,000 was written off as obsolete. Material losses of this type are considered to be unusual. 3. It was discovered that depreciation expense for 2023 was understated by $53,000 due to a mathematical error. The amount is considered material. 4. The company experienced a negative foreign currency translation adjustment of $230,000 and had an unrealized gain on debt securities of $210,000. Required: Prepare a single, continuous multiple-step statement of comprehensive income for 2024. The company's effective tax rate on all items affecting comprehensive income is 25%. Each component of other comprehensive income should be displayed net of tax. Ignore EPS disclosures. Note: Amounts to be deducted should be indicated with a minus sign.

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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Duke Company's records show the following account balances at December 31, 2024: Sales revenue Cost of goods sold General and administrative expense Selling expense Interest expense $ 15,600,000 9,300,000 1,030,000 530,000 730,000 Income tax expense has not yet been determined. The following events also occurred during 2024. All transactions are material in amount. 1. $330,000 in restructuring costs were incurred in connection with plant closings. 2. Inventory costing $430,000 was written off as obsolete. Material losses of this type are considered to be unusual. 3. It was discovered that depreciation expense for 2023 was understated by $53,000 due to a mathematical error. The amount is considered material. 4. The company experienced a negative foreign currency translation adjustment of $230,000 and had an unrealized gain on debt securities of $210,000. Required: Prepare a single, continuous multiple-step statement of comprehensive income for 2024. The company's effective tax rate on all items affecting comprehensive income is 25%. Each component of other comprehensive income should be displayed net of tax. Ignore EPS disclosures. Note: Amounts to be deducted should be indicated with a minus sign.
Transcribed Image Text:Duke Company's records show the following account balances at December 31, 2024: Sales revenue Cost of goods sold General and administrative expense Selling expense Interest expense $ 15,600,000 9,300,000 1,030,000 530,000 730,000 Income tax expense has not yet been determined. The following events also occurred during 2024. All transactions are material in amount. 1. $330,000 in restructuring costs were incurred in connection with plant closings. 2. Inventory costing $430,000 was written off as obsolete. Material losses of this type are considered to be unusual. 3. It was discovered that depreciation expense for 2023 was understated by $53,000 due to a mathematical error. The amount is considered material. 4. The company experienced a negative foreign currency translation adjustment of $230,000 and had an unrealized gain on debt securities of $210,000. Required: Prepare a single, continuous multiple-step statement of comprehensive income for 2024. The company's effective tax rate on all items affecting comprehensive income is 25%. Each component of other comprehensive income should be displayed net of tax. Ignore EPS disclosures. Note: Amounts to be deducted should be indicated with a minus sign.
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