In: Accounting
Duke Company’s records show the following account balances at December 31, 2021:\
Sales revenue | $ | 17,400,000 |
Cost of goods sold | 10,200,000 | |
General and administrative expense | 1,120,000 | |
Selling expense | 620,000 | |
Interest expense | 820,000 | |
Income tax expense has not yet been determined. The following
events also occurred during 2021. All transactions are material in
amount.
Required:
Prepare a single, continuous multiple-step statement of
comprehensive income for 2021. 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. (Amounts to be deducted should be
indicated with a minus sign.)
ANSWER
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