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 Cost of goods sold Loss on projected benefit obligation Selling expense Goodwill impairment loss Interest expense Debits Credits $ 8,350,000 55,000 115,000 137,500 $ 155,000 6,155,000 750,000 525,000 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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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
Cost of goods sold
Debits
Credits
$ 8,350,000
55,000
115,000
137,500
Loss on projected benefit obligation
$ 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.
KROEGER INCORPORATED
Statement of Comprehensive Income
For the Year Ended December 31, 2024
Net income
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 Cost of goods sold Debits Credits $ 8,350,000 55,000 115,000 137,500 Loss on projected benefit obligation $ 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. KROEGER INCORPORATED Statement of Comprehensive Income For the Year Ended December 31, 2024 Net income Other comprehensive income (net of tax): Total other comprehensive income (loss) Comprehensive income
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