(a)
The income statement: This is a financial statement that shows the net income earned, or net loss suffered by a company, through reporting all the revenues earned, and expenses incurred, by the company over a specific period of time. An income statement is also known as an operations statement, an earnings statement, a revenue statement, or a
Comprehensive Income Statement: Comprehensive income statement refers to the multi-step income statement that records the gains and losses from operating activities and the non-operating activities of the business.
To Prepare: The income statement of Incorporation L for the year ended December 31, 2017.
(b)
To Prepare: The comprehensive income statement of Incorporation L for the year ended December 31, 2017.
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