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Prepare statement of comprehensive income for december

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Turnball Ltd. is developing financial statements for the year ended December 31, 2019. The average income tax rate is 40 percent. The following pre-tax data are available:

Revenues                                                                                                     $420,000
Expenses                                                                                                       360,000
Gain from Discontinued Operations (pre-tax)                                                           24,000
Unrealized foreign exchange loss on translation of foreign subsidiary (net of tax)           10,000

Required:

Problem 1: Assuming all of the above items are subject to the average tax rate of 40%, prepare statement of Comprehensive Income (in proper form) for the year ended December 31, 2019.

 

Reference no: EM132680364

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