Question

Question 1 of 5 -/5 E View Policies Current Attempt in Progress Presented below is information related to Coronado Company at December 31, 2020, the end of its first year of operations. Sales revenue Cost of goods sold Selling and administrative expenses Gain on sale of plant assets Unrealized gain on available for sale debt investments Interest expense Loss on discontinued operations Dividends declared and paid $312.500 126,330 51,400 27.160 9.870 5,400 12,630 4,870 Compute the following (a) Income from operations $ 312500 (b) Net income $ (c) Comprehensive income $ (d) Retained earnings balance at December 31, 2020 $ e Textbook and Media

Answer 1

(a)	Income from operations	134770
(b)	Net income	143900
(c)	Comprehensive income	153770
(d)	Retained earnings balance at December 31, 2020	148900

Working:

Sales revenue	312500
Cost of goods sold	-126330
Gross margin	186170
Selling and administrative expenses	-51400
Income from operations	134770
Other income and expense
Gain on sale of plant assets	27160
Interest expense	-5400
Income from continuing operations	156530
Loss on discontinued operations	-12630
Net income	143900
Other comprehensive income
Unrealized gain on available-for-sale debt investments	9870
Comprehensive income	153770
Dividends declared and paid	-4870
Retained earnings balance, December 31, 2020	148900