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The trial balance of Kroeger Incorporated included the following accounts as of December 31, 2024: Debits Sales revenue Interest revenue Credits $ 8,300,000 70,000 Gain on sale of investments 130,000 Gain on debt securities 145,000 Loss on projected benefit obligation $ 170,000 Cost of goods sold 6,000,000 Selling expense 700,000 Goodwill impairment loss 450,000 40,000 600,000 Interest expense General and administrative expense 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.

The trial balance of Kroeger Incorporated included the following accounts as of December 31, 2024: Debits Sales revenue Interest revenue Credits $ 8,300,000 70,000 Gain on sale of investments 130,000 Gain on debt securities 145,000 Loss on projected benefit obligation $ 170,000 Cost of goods sold 6,000,000 Selling expense 700,000 Goodwill impairment loss 450,000 40,000 600,000 Interest expense General and administrative expense 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.

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: Debits Sales revenue Interest revenue Credits $ 8,300,000 70,000 Gain on sale of investments 130,000 Gain on debt securities 145,000 Loss on projected benefit obligation $ 170,000 Cost of goods sold 6,000,000 Selling expense 700,000 Goodwill impairment loss 450,000 40,000 600,000 Interest expense General and administrative expense 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. KROEGER INCORPORATED Statement of Comprehensive Income For the Year Ended December 31, 2024 Net income Other comprehensive income (net of tax): Gain on debt securities Loss on projected benefit obligation 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: Debits Sales revenue Interest revenue Credits $ 8,300,000 70,000 Gain on sale of investments 130,000 Gain on debt securities 145,000 Loss on projected benefit obligation $ 170,000 Cost of goods sold 6,000,000 Selling expense 700,000 Goodwill impairment loss 450,000 40,000 600,000 Interest expense General and administrative expense 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. KROEGER INCORPORATED Statement of Comprehensive Income For the Year Ended December 31, 2024 Net income Other comprehensive income (net of tax): Gain on debt securities Loss on projected benefit obligation Total other comprehensive income (loss) Comprehensive income
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