Sales revenue Dividend revenue Gain on recovery of earthquake loss (unusual) Unrealized holding gain on FV-OCI equity investments Less: Selling expenses Cost of goods sold Advertising expense Loss on inventory due to decline in net realizable value Loss on discontinued operations Administrative expenses Income before income tax Pronghorn Corporation Income Statement Income tax expense Net income $ 120,000 505,000 13,000 34,000 48,000 72,000 $ 840,000 $ 33,000 26,000 6,000 905,000 792,000 113,000 22,600 90,400 Pronghorn had 100,000 common shares outstanding during the year and has an effective tax rate of 20%. Gains/losses on FV-OCI equity investments are not recycled through net income.
Sales revenue Dividend revenue Gain on recovery of earthquake loss (unusual) Unrealized holding gain on FV-OCI equity investments Less: Selling expenses Cost of goods sold Advertising expense Loss on inventory due to decline in net realizable value Loss on discontinued operations Administrative expenses Income before income tax Pronghorn Corporation Income Statement Income tax expense Net income $ 120,000 505,000 13,000 34,000 48,000 72,000 $ 840,000 $ 33,000 26,000 6,000 905,000 792,000 113,000 22,600 90,400 Pronghorn had 100,000 common shares outstanding during the year and has an effective tax rate of 20%. Gains/losses on FV-OCI equity investments are not recycled through net income.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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pls answer the following question
Transcribed Image Text:Pronghorn Corporation was incorporated and began business on January 1, 2023. It has been successful and now requires a bank loan
for additional capital to finance an expansion. The bank has requested an audited income statement for the year 2023 using IFRS. The
accountant for Pronghorn provides you with the following income statement, which Pronghorn plans to submit to the bank:
Sales revenue
Dividend revenue
Gain on recovery of earthquake loss (unusual)
Unrealized holding gain on FV-OCI equity investments
Less:
Income before income tax
Selling expenses
Cost of goods sold
Advertising expense
Loss on inventory due to decline in net realizable value
Loss on discontinued operations
Administrative expenses
Income tax expense
Pronghorn Corporation
Income Statement
Net income
ALY
$ 120,000
505,000
13,000
34,000
48,000
72,000
$ 840,000
$
33,000
26,000
6,000
905,000
792,000
113,000
22,600
90,400
Pronghorn had 100,000 common shares outstanding during the year and has an effective tax rate of 20%. Gains/losses on FV-OCI
equity investments are not recycled through net income.
![Prepare a revised single-step statement of comprehensive income. (Round per share answers to 2 decimal places, e.g. 52.75.)
Pronghorn Corporation
Statement of Comprehensive Income
For the Year Ended December 31, 2023
>
>
$
$
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Transcribed Image Text:Prepare a revised single-step statement of comprehensive income. (Round per share answers to 2 decimal places, e.g. 52.75.)
Pronghorn Corporation
Statement of Comprehensive Income
For the Year Ended December 31, 2023
>
>
$
$
[][
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