Comprehensive income statement: Comprehensive income statement represents the total of net income and the other items which are not included in the income statement as they have not been realized. Unrealized holding gain or loss from sale of securities and foreign currency translation gains or losses are recorded in the comprehensive income statement. Other comprehensive income or losses: All the incomes, gains, losses or expenses which are excluded from net income on the income statement are recorded as other comprehensive income using both GAAP as well as IFRS accounting principles. Unrealized holding gains and losses: An unrealized gain is a profit recorded on paper results from the investment. It occurs when shares prices increase after investor purchases it, but an individual has to sell it, till the time it is not sold the amount of increase in share price is recorded as an unrealized gain. An unrealized loss is a loss recorded on paper results from the investment. It occurs when shares prices decrease after investor purchases it, but an individual has to sell it, till the time it is not sold the amount of decrease in share price is recorded as an unrealized loss. (a) To prepare: To prepare the statement of comprehensive income for 2017, starting with net income. Given information: All the information related to S G, Inc. is provided in the question document.

Question

On 17-Feb of year 1, Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,302,500; $295,000 was allocated to the basis of the land and the remaining $1,007,500 was allocated to the basis of the building. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. e. What would be the depreciation for 2024, 2025, and 2026 if the property were nonresidential property purchased and placed in service 17-Feb, 2007 (assume the same original basis)? Depreciation Year Expense 2024 2025 2026

Answer 1

Question

Chapter 17, Problem 10E

To determine

Comprehensive income statement: Comprehensive income statement represents the total of net income and the other items which are not included in the income statement as they have not been realized. Unrealized holding gain or loss from sale of securities and foreign currency translation gains or losses are recorded in the comprehensive income statement.

Other comprehensive income or losses: All the incomes, gains, losses or expenses which are excluded from net income on the income statement are recorded as other comprehensive income using both GAAP as well as IFRS accounting principles.

Unrealized holding gains and losses: An unrealized gain is a profit recorded on paper results from the investment. It occurs when shares prices increase after investor purchases it, but an individual has to sell it, till the time it is not sold the amount of increase in share price is recorded as an unrealized gain.

An unrealized loss is a loss recorded on paper results from the investment. It occurs when shares prices decrease after investor purchases it, but an individual has to sell it, till the time it is not sold the amount of decrease in share price is recorded as an unrealized loss.

(a) To prepare: To prepare the statement of comprehensive income for 2017, starting with net income.

Given information: All the information related to S G, Inc. is provided in the question document.

To determine

(b) To prepare: To prepare the statement of comprehensive income for 2018, starting with net income.

Given information: All the information related to S G, Inc. is provided in the question document.

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