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The Massoud Consulting Group reported net income of $1,392,000 for its fiscal year ended December 31, 2024. In addition, during the year the company experienced a positive foreign currency translation adjustment of $430,000 and an unrealized loss on debt securities of $70,000. The company's effective tax rate on all items affecting comprehensive income is 25%. Each component of other comprehensive income is displayed net of tax. Required: Prepare a separate statement of comprehensive income for 2024. Note: Amounts to be deducted should be indicated with a minus sign. Answer is not complete. THE MASSOUD CONSULTING GROUP Statement of Comprehensive Income For the Year Ended December 31, 2024 Net income Other comprehensive income, net of tax: Foreign currency translation adjustment Loss on debt securities Total other comprehensive income Comprehensive income $ 1,392,000✔ 1,392,000

The Massoud Consulting Group reported net income of $1,392,000 for its fiscal year ended December 31, 2024. In addition, during the year the company experienced a positive foreign currency translation adjustment of $430,000 and an unrealized loss on debt securities of $70,000. The company's effective tax rate on all items affecting comprehensive income is 25%. Each component of other comprehensive income is displayed net of tax. Required: Prepare a separate statement of comprehensive income for 2024. Note: Amounts to be deducted should be indicated with a minus sign. Answer is not complete. THE MASSOUD CONSULTING GROUP Statement of Comprehensive Income For the Year Ended December 31, 2024 Net income Other comprehensive income, net of tax: Foreign currency translation adjustment Loss on debt securities Total other comprehensive income Comprehensive income $ 1,392,000✔ 1,392,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The Massoud Consulting Group reported net income of $1,392,000 for its fiscal year ended December 31, 2024. In addition, during the year the company experienced a positive foreign currency translation adjustment of $430,000 and an unrealized loss on debt securities of $70,000. The company's effective tax rate on all items affecting comprehensive income is 25%. Each component of other comprehensive income is displayed net of tax. Required: Prepare a separate statement of comprehensive income for 2024. Note: Amounts to be deducted should be indicated with a minus sign. X Answer is not complete. Comprehensive income THE MASSOUD CONSULTING GROUP Statement of Comprehensive Income For the Year Ended December 31, 2024 Net income Other comprehensive income, net of tax: Foreign currency translation adjustment Loss on debt securities. Total other comprehensive income $ 1,392,000✔ $ 1,392,000
Transcribed Image Text:The Massoud Consulting Group reported net income of $1,392,000 for its fiscal year ended December 31, 2024. In addition, during the year the company experienced a positive foreign currency translation adjustment of $430,000 and an unrealized loss on debt securities of $70,000. The company's effective tax rate on all items affecting comprehensive income is 25%. Each component of other comprehensive income is displayed net of tax. Required: Prepare a separate statement of comprehensive income for 2024. Note: Amounts to be deducted should be indicated with a minus sign. X Answer is not complete. Comprehensive income THE MASSOUD CONSULTING GROUP Statement of Comprehensive Income For the Year Ended December 31, 2024 Net income Other comprehensive income, net of tax: Foreign currency translation adjustment Loss on debt securities. Total other comprehensive income $ 1,392,000✔ $ 1,392,000
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