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24. RCE Company had the following balances for net income and pretax gains and losses on December 31: I Net Income $39,000 Lo
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Answer #1

The answer is $ 48,000

Explanation:

Calculation of Comprehensive Income to be reported:

Particulars Amount ($)
Net Income          39,000
Foreign Currency Translation Gain (Net of tax) (15000*60%)            9,000
Comprehensive Income          48,000
  • The loss on the discontinued operation and unrealized gain on trading security are already included in net income hence the same has been ignored for calculating comprehensive income.
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