Presented below is information related to Blossom Company as of and for the year ended December 31, 2017. This was Blossom Company’s first year of operations. (Ignore income tax effects.)● Sales revenue $1,500,000 ● Cost of goods sold 600,000 ● Selling and administrative expenses 300,000 ● Loss on sale of plant assets 60,000 ● Unrealized gain on available-for-sale investments 12,000 ● Interest expense 5,000 ● Interest revenue 3,500 ● Loss on discontinued operations 2,000 ● Allocation to noncontrolling interest 7,500 ● Dividends declared and paid 26,000 Compute the following:(a) Income from continuing operations $enter a dollar amount (b) Net income $enter a dollar amount (c) Net income attributable to Blossom Company’s controlling shareholders $enter a dollar amount (d) Comprehensive income $enter a dollar amount (e) Retained earnings balance at December 31, 2017 $enter a dollar amount

To compute net income of Blossom company expenses of the company are to be deducted from income on…

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SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter20: Corporations And Parterships

Section: Chapter Questions

Problem 51P

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Presented below is information related to Blossom Company as of and for the year ended December 31, 2017. This was Blossom Company’s first year of operations. (Ignore income tax effects.)

●	Sales revenue	$1,500,000
●	Cost of goods sold	600,000
●	Selling and administrative expenses	300,000
●	Loss on sale of plant assets	60,000
●	Unrealized gain on available-for-sale investments	12,000
●	Interest expense	5,000
●	Interest revenue	3,500
●	Loss on discontinued operations	2,000
●	Allocation to noncontrolling interest	7,500
●	Dividends declared and paid	26,000

Compute the following:

(a)	Income from continuing operations	$enter a dollar amount
(b)	Net income	$enter a dollar amount
(c)	Net income attributable to Blossom Company’s controlling shareholders	$enter a dollar amount
(d)	Comprehensive income	$enter a dollar amount
(e)	Retained earnings balance at December 31, 2017	$enter a dollar amount

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