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The trial balance of Kroeger Incorp Sales revenue Interest revenue Gain on sale of investments Gain on debt securities Loss on projected benefit obl Cost of goods sold Selling expense Goodwill impairment loss

The trial balance of Kroeger Incorp Sales revenue Interest revenue Gain on sale of investments Gain on debt securities Loss on projected benefit obl Cost of goods sold Selling expense Goodwill impairment loss

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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The trial balance of Kroeger Incorporated included the following accounts as of December 31, 2024: Sales revenue Interest revenue Gain on sale of investments Gain on debt securities Debits Credits $ 8,350,000 55,000 115,000 137,500 Loss on projected benefit obligation Cost of goods sold $ 155,000 6,155,000 Selling expense Goodwill impairment loss 750,000 525,000 Interest expense General and administrative expense 25,000 450,000 The gain on debt securities represents the increase in the fair value of debt securities and is classified a component of other comprehensive income. Kroeger had 300,000 shares of stock outstanding throughout the year. Income tax expense has not yet been recorded. The effective tax rate is 25%. Required: Prepare a 2024 separate statement of comprehensive income for Kroeger Incorporated. Note: Amounts to be deducted should be indicated with a minus sign. Net income KROEGER INCORPORATED Statement of Comprehensive Income For the Year Ended December 31, 2024 Other comprehensive income (net of tax): Total other comprehensive income (loss) Comprehensive income
Transcribed Image Text:The trial balance of Kroeger Incorporated included the following accounts as of December 31, 2024: Sales revenue Interest revenue Gain on sale of investments Gain on debt securities Debits Credits $ 8,350,000 55,000 115,000 137,500 Loss on projected benefit obligation Cost of goods sold $ 155,000 6,155,000 Selling expense Goodwill impairment loss 750,000 525,000 Interest expense General and administrative expense 25,000 450,000 The gain on debt securities represents the increase in the fair value of debt securities and is classified a component of other comprehensive income. Kroeger had 300,000 shares of stock outstanding throughout the year. Income tax expense has not yet been recorded. The effective tax rate is 25%. Required: Prepare a 2024 separate statement of comprehensive income for Kroeger Incorporated. Note: Amounts to be deducted should be indicated with a minus sign. Net income KROEGER INCORPORATED Statement of Comprehensive Income For the Year Ended December 31, 2024 Other comprehensive income (net of tax): Total other comprehensive income (loss) Comprehensive income
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