The Massoud Consulting Group reported net income of $1,354,000 for its fiscal year ended December 31, 2018.In addition, during the year the company experienced a positive foreign currency translation adjustment of$240,000 and had unrealized losses on investment securities of $80,000. The company’s effective tax rate on allitems affecting comprehensive income is 30%. Each component of other comprehensive income is displayed netof tax.Required:Prepare a separate statement of comprehensive income for 2018.
The Massoud Consulting Group reported net income of $1,354,000 for its fiscal year ended December 31, 2018.In addition, during the year the company experienced a positive foreign currency translation adjustment of$240,000 and had unrealized losses on investment securities of $80,000. The company’s effective tax rate on allitems affecting comprehensive income is 30%. Each component of other comprehensive income is displayed netof tax.Required:Prepare a separate statement of comprehensive income for 2018.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The Massoud Consulting Group reported net income of $1,354,000 for its fiscal year ended December 31, 2018.
In addition, during the year the company experienced a positive foreign currency translation adjustment of
$240,000 and had unrealized losses on investment securities of $80,000. The company’s effective tax rate on all
items affecting comprehensive income is 30%. Each component of other comprehensive income is displayed net
of tax.
Required:
Prepare a separate statement of comprehensive income for 2018.
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