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Question - The trial balance of Kroeger Inc. included the following accounts as of December 31, 2016:
Debits
Credits
Sales revenue
8,200,000
Interest revenue
60,000
Gain on sale of investments
120,000
Unrealized gains on investments
140,000
Foreign currency translation losses
160,000
Cost of goods sold
6,100,000
Selling expenses
600,000
Goodwill impairment loss
500,000
Interest expense
30,000
General and administrative expenses
Kroeger had 300,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 40%.
Prepare a 2016 single, continuous statement of income and comprehensive income for Kroeger Inc., using a multiple-step income statement format. Make sure to classify the income items into the appropriate sections of the statement and include EPS as appropriate.
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