Sagar The trial balance of Kroeger Incorporated included the following accounts as of December 31, 2024:Sales revenueInterest revenueGain on sale of investmentsGain on debt securitiesCost of goods soldLoss on projected benefit obligationSelling expenseGoodwill impairment lossInterest expenseGeneral and administrative expenseDebitsCredits$ 8,350,000$55,000115,000137,500$ 155,0006,155,000750,000525,00025,000450,000The gain on debt securities represents the increase in the fair value of debt securities and is classified a component of othercomprehensive income. Kroeger had 300,000 shares of stock outstanding throughout the year. Income tax expense has not yet beenrecorded. 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 INCORPORATEDStatement of Comprehensive IncomeFor the Year Ended December 31, 2024Net incomeOther comprehensive income (net of tax):Total other comprehensive income (loss)Comprehensive income

Step 1: Introduction to statement of comprehensive incomeThe statement of income is produced at year…

5 revenue rest revenue on sale of investments on debt securities on projected benefit obligation I of goods sold will impairment loss ing expense rest expense ral and administrative expense Debits $ 155,000 6,155,000 750,000 525,000 25,000 450,000 Credits $ 8,350,000 55,000 115,000 137,500 ain on debt securities represents the increase in the fair value of debt securities and ehensive income. Kroeger had 300,000 shares of stock outstanding throughout the led. The effective tax rat is 25%

5 revenue rest revenue on sale of investments on debt securities on projected benefit obligation I of goods sold will impairment loss ing expense rest expense ral and administrative expense Debits $ 155,000 6,155,000 750,000 525,000 25,000 450,000 Credits $ 8,350,000 55,000 115,000 137,500 ain on debt securities represents the increase in the fair value of debt securities and ehensive income. Kroeger had 300,000 shares of stock outstanding throughout the led. The effective tax rat is 25%

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 47P

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