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Duke Company's records show the following account balances at December 31, 2024: Sales revenue Cost of goods sold General and administrative expense Selling expense Interest expense $ 17,200,000 10,100,000 1,110,000 610,000 810,000 Income tax expense has not yet been determined. The following events also occurred during 2024. All transactions are material in amount. 1. $410,000 in restructuring costs were incurred in connection with plant closings. 2. Inventory costing $510,000 was written off as obsolete. Material losses of this type are considered to be unusual. 3. It was discovered that depreciation expense for 2023 was understated by $61,000 due to a mathematical error. The amount is considered material. 4. The company experienced a negative foreign currency translation adjustment of $310,000 and had an unrealized gain on debt securities of $290,000. Required: Prepare a single, continuous multiple-step statement of comprehensive income for 2024. The company's effective tax rate on all items affecting comprehensive income is 25%. Each component of other comprehensive income should be displayed net of tax. Ignore EPS disclosures. Note: Amounts to be deducted should be indicated with a minus sign. DUKE COMPANY Statement of Comprehensive Income For the Year Ended December 31, 2024

Duke Company's records show the following account balances at December 31, 2024: Sales revenue Cost of goods sold General and administrative expense Selling expense Interest expense $ 17,200,000 10,100,000 1,110,000 610,000 810,000 Income tax expense has not yet been determined. The following events also occurred during 2024. All transactions are material in amount. 1. $410,000 in restructuring costs were incurred in connection with plant closings. 2. Inventory costing $510,000 was written off as obsolete. Material losses of this type are considered to be unusual. 3. It was discovered that depreciation expense for 2023 was understated by $61,000 due to a mathematical error. The amount is considered material. 4. The company experienced a negative foreign currency translation adjustment of $310,000 and had an unrealized gain on debt securities of $290,000. Required: Prepare a single, continuous multiple-step statement of comprehensive income for 2024. The company's effective tax rate on all items affecting comprehensive income is 25%. Each component of other comprehensive income should be displayed net of tax. Ignore EPS disclosures. Note: Amounts to be deducted should be indicated with a minus sign. DUKE COMPANY Statement of Comprehensive Income For the Year Ended December 31, 2024

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.
Section: Chapter Questions
Problem 10MC: Shannon Corporation began operations on January 1, 2019. Financial statements for the years ended...
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Duke Company's records show the following account balances at December 31, 2024: Sales revenue Cost of goods sold General and administrative expense Selling expense Interest expense $ 17,200,000 10,100,000 1,110,000 610,000 810,000 Income tax expense has not yet been determined. The following events also occurred during 2024. All transactions are material in amount. 1. $410,000 in restructuring costs were incurred in connection with plant closings. 2. Inventory costing $510,000 was written off as obsolete. Material losses of this type are considered to be unusual. 3. It was discovered that depreciation expense for 2023 was understated by $61,000 due to a mathematical error. The amount is considered material. 4. The company experienced a negative foreign currency translation adjustment of $310,000 and had an unrealized gain on debt securities of $290,000. Required: Prepare a single, continuous multiple-step statement of comprehensive income for 2024. The company's effective tax rate on all items affecting comprehensive income is 25%. Each component of other comprehensive income should be displayed net of tax. Ignore EPS disclosures. Note: Amounts to be deducted should be indicated with a minus sign. DUKE COMPANY Statement of Comprehensive Income For the Year Ended December 31, 2024 Prey 1 of 1 www www Next
Transcribed Image Text:Duke Company's records show the following account balances at December 31, 2024: Sales revenue Cost of goods sold General and administrative expense Selling expense Interest expense $ 17,200,000 10,100,000 1,110,000 610,000 810,000 Income tax expense has not yet been determined. The following events also occurred during 2024. All transactions are material in amount. 1. $410,000 in restructuring costs were incurred in connection with plant closings. 2. Inventory costing $510,000 was written off as obsolete. Material losses of this type are considered to be unusual. 3. It was discovered that depreciation expense for 2023 was understated by $61,000 due to a mathematical error. The amount is considered material. 4. The company experienced a negative foreign currency translation adjustment of $310,000 and had an unrealized gain on debt securities of $290,000. Required: Prepare a single, continuous multiple-step statement of comprehensive income for 2024. The company's effective tax rate on all items affecting comprehensive income is 25%. Each component of other comprehensive income should be displayed net of tax. Ignore EPS disclosures. Note: Amounts to be deducted should be indicated with a minus sign. DUKE COMPANY Statement of Comprehensive Income For the Year Ended December 31, 2024 Prey 1 of 1 www www Next
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