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Illustrate a combined Statement of Income

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Question - The following information is available from the accounting records of DeWitt Engineering Ltd. for the year ended June 30, 2021:

Fee discounts and allowances $26,000

Fee revenue 1,560,000

Interest revenue 6,000

Other operating expenses 590,000

Salaries expense 750,000

Gain on fair value adjustments on equity investments 31,000

Instructions - Illustrate a combined Statement of Income and Comprehensive Income for the year ended June 30, 2021. The company has a 30% income tax rate and records gains and losses on equity investments as other comprehensive income.

Reference no: EM132691471

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