Financial accounting
Financial accounting
3rd Edition
ISBN: 9780077506902
Author: David J Spieceland Wayne Thomas Don Herrmann
Publisher: Mcgraw-Hill
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Chapter E, Problem 14RQ
To determine

To Explain: The meaning of revaluation of long term assets and the difference between the GAAP and IFRS in the revaluation of long term assets.

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During the year ended December 31, 2023, Ever glow Technologies Inc. earned$3,950,000 in net income after taxes. The company reported $278,000 of net unrealized gains on available-for-sale securities (net of taxes), and $190,000in foreign currency translation gains from the consolidation of its Canadian subsidiary (net of taxes). Prepare the Statement of Comprehensive Income for Ever glow Technologies Inc. for the year ended December 31, 2023. (In Table Format)
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