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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

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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

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