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Duke Companys records show the following account balances at December 31, 2018: Sales cost of goods sold General and administrative expenses Selling expenses Interest expense $15,200,880 9,198,880 1,81e,90e 51e,98e 71e,90 Income tax expense has not yet been determined. The following events also occurred during 2018. All transactions are material in amount. 1. $310,000 in restructuring costs were incurred in connection with plant closings. 2. Inventory costing $410,000 was written off as obsolete. Material losses of this type are considered to be unusual. 3. It was discovered that depreciation expense for 2017 was understated by $51,000 due to a mathematical error. 4. The company experienced a negative foreign currency translation adjustment of $210,000 and had unrealized gains on investments of $190,000. Requlred Prepare a single, continuous multiple-step statement of comprehensive income for 2018. The companys effective tax rate on all items affecting comprehensive income is 40%. Each component of other comprehensive income should be displayed net of tax. Ignore EPS disclosures. (Amounts to be deducted should be Indlceted wlth a mlnus sign.) Statement of Income For the Year Ended December 31, 2018 Operating expenses: Total operating expenses Other income (expense): Income before income taxes Other comprehensive income (loss) Total other comprehensive loss

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Naming convention is not available, can be slightly differnet per question requirement: Sign of negative amount mentioned, can be positive at some places Solution: Duke Company Statement of Comprehensive Income For the year ended December 31, 2018 OR: Sales Revenue Cost of goods sold Gross Profit Operating Expenses General and Administrative Selling Restructuring costs Loss from write down of obsolate inventory Total Opreating Expenses Operating Income Other Income (expense): Interest Expense Income before income tax Income tax expense Net Income Other Comprehensive Income (loss): Foreign currency translation adjustment loss, net of tax (210000*60%) Unrealized gain on investment securities, net of tax (190000*60%) Total Other Comprehensive loss Comprehensive Income 15200000 9100000 6100000 15200000 9100000 6100000 -1010000 510000 310000 -410000 1010000 510000 310000 410000 2240000 2240000 3860000 3860000 -710000 3150000 1260000 1890000 710000 3150000 1260000 1890000 40% 126000 126000 114000 114000 12000 1878000 12000 1878000

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