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Pronghorn Corporation was incorporated and began business on January 1, 2023. It has been successful and now requires a bank loar for additional capital to finance an expansion. The bank has requested an audited income statement for the year 2023 using IFRS. The accountant for Pronghorn provides you with the following income statement, which Pronghorn plans to submit to the bank: Sales revenue Dividend revenue Gain on recovery of earthquake loss (unusual) Unrealized holding gain on FV-OCI equity investments Less: Income before income tax Selling expenses Cost of goods sold Advertising expense Loss on inventory due to decline in net realizable value Loss on discontinued operations Administrative expenses Income tax expense Pronghorn Corporation Income Statement Net income (b) $ 120,000 505,000 13,000 34,000 48,000 72,000 $ 840,000 33,000 26,000 $ 6,000 905,000 792,000 113,000 22,600 90,400 Pronghorn had 100,000 common shares outstanding during the year and has an effective tax rate of 20%. Gains/losses on FV-OCI equity investments are not recycled through net income. Prepare a revised single-step statement of comprehensive income. (Round per share answers to 2 decimal places, e.g. 52.75.) Prepare a revised single-step statement of comprehensive income. (Round per share answers to 2 decimal places, e.g. 52.75.) Pronghorn Corporation Statement of Comprehensive Income > > $ $ $

Pronghorn Corporation was incorporated and began business on January 1, 2023. It has been successful and now requires a bank loar for additional capital to finance an expansion. The bank has requested an audited income statement for the year 2023 using IFRS. The accountant for Pronghorn provides you with the following income statement, which Pronghorn plans to submit to the bank: Sales revenue Dividend revenue Gain on recovery of earthquake loss (unusual) Unrealized holding gain on FV-OCI equity investments Less: Income before income tax Selling expenses Cost of goods sold Advertising expense Loss on inventory due to decline in net realizable value Loss on discontinued operations Administrative expenses Income tax expense Pronghorn Corporation Income Statement Net income (b) $ 120,000 505,000 13,000 34,000 48,000 72,000 $ 840,000 33,000 26,000 $ 6,000 905,000 792,000 113,000 22,600 90,400 Pronghorn had 100,000 common shares outstanding during the year and has an effective tax rate of 20%. Gains/losses on FV-OCI equity investments are not recycled through net income. Prepare a revised single-step statement of comprehensive income. (Round per share answers to 2 decimal places, e.g. 52.75.) Prepare a revised single-step statement of comprehensive income. (Round per share answers to 2 decimal places, e.g. 52.75.) Pronghorn Corporation Statement of Comprehensive Income > > $ $ $

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
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Pronghorn Corporation was incorporated and began business on January 1, 2023. It has been successful and now requires a bank loar for additional capital to finance an expansion. The bank has requested an audited income statement for the year 2023 using IFRS. The accountant for Pronghorn provides you with the following income statement, which Pronghorn plans to submit to the bank: Sales revenue Dividend revenue Gain on recovery of earthquake loss (unusual) Unrealized holding gain on FV-OCI equity investments Less: Income before income tax Selling expenses Cost of goods sold Advertising expense Loss on inventory due to decline in net realizable value Loss on discontinued operations Administrative expenses Income tax expense Pronghorn Corporation Income Statement Net income (b) $ 120,000 505,000 13,000 34,000 48,000 72,000 $ 840,000 33,000 26,000 $ 6,000 905,000 792,000 113,000 22,600 90,400 Pronghorn had 100,000 common shares outstanding during the year and has an effective tax rate of 20%. Gains/losses on FV-OCI equity investments are not recycled through net income. Prepare a revised single-step statement of comprehensive income. (Round per share answers to 2 decimal places, e.g. 52.75.)
Transcribed Image Text:Pronghorn Corporation was incorporated and began business on January 1, 2023. It has been successful and now requires a bank loar for additional capital to finance an expansion. The bank has requested an audited income statement for the year 2023 using IFRS. The accountant for Pronghorn provides you with the following income statement, which Pronghorn plans to submit to the bank: Sales revenue Dividend revenue Gain on recovery of earthquake loss (unusual) Unrealized holding gain on FV-OCI equity investments Less: Income before income tax Selling expenses Cost of goods sold Advertising expense Loss on inventory due to decline in net realizable value Loss on discontinued operations Administrative expenses Income tax expense Pronghorn Corporation Income Statement Net income (b) $ 120,000 505,000 13,000 34,000 48,000 72,000 $ 840,000 33,000 26,000 $ 6,000 905,000 792,000 113,000 22,600 90,400 Pronghorn had 100,000 common shares outstanding during the year and has an effective tax rate of 20%. Gains/losses on FV-OCI equity investments are not recycled through net income. Prepare a revised single-step statement of comprehensive income. (Round per share answers to 2 decimal places, e.g. 52.75.)
Prepare a revised single-step statement of comprehensive income. (Round per share answers to 2 decimal places, e.g. 52.75.) Pronghorn Corporation Statement of Comprehensive Income > > $ $ $
Transcribed Image Text:Prepare a revised single-step statement of comprehensive income. (Round per share answers to 2 decimal places, e.g. 52.75.) Pronghorn Corporation Statement of Comprehensive Income > > $ $ $
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