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Exercise 4-11 (Algo) Comprehensive income (L04-6] The Massoud Consulting Group reported net income of $1,366,000 for its fisc
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THE MASSOUD CONSULTING GROUP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED DECEMBER 31,2021
PARTICULARS AMOUNT AMOUNT
$ $
Net Income 1366000
Add- Other comprehensive income, net of tax
Foreign currency translation adjustment, net of tax 300000*(1-.25) =225000
Loss on debt securities, net of tax 58000*(1-.25) =43500
Total other comprehensive income 181500
Comprehensive income 1547500
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