Chapter 4, Problem 4.9BYP

(1)

To determine

Income statement:

Income statement reports net income or net loss of the business by matching revenues and expenses of the business.

Comprehensive income:

Comprehensive income represents the amount of net income plus other comprehensive income that changes only the stockholders’ equity but does not form the part of the traditional net income. Other comprehensive incomes are other gains and losses and gains and losses from other adjustments.

To identify: The following reporting treatment for the different situations that occurred in the Incorporation N.

(2)

To determine

To identify: The situations that would be reported net-of-tax.