Duke Company's records show the following account balances at December 31, 2024: Income tax expense...
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Duke Company's records show the following account balances at December 31, 2024: Income tax expense has not yet been determined. The following events also occurred during 2024. All transactions are materlal in amount. 1. $390,000 in restructuring costs were incurred in connection with plant closings. 2. Inventory costing $490,000 was written off as obsolete. Materlal losses of this type are considered to be unusual. 3. It was discovered that depreciation expense for 2023 was understated by $59,000 due to a mathematical error. The amount is considered material. 4. The company experienced a negative foreign currency translation adjustment of $290,000 and had an unrealized gain on debt securitles of $270,000. Requlred: Prepare a single, continuous multiple-step statement of comprehensive income for 2024. The company's effectlve tax rate on all items affecting comprehensive income is 25%. Each component of other comprehensive income should be displayed net of tax. Ignore EPS disclosures. Note: Amounts to be deducted should be Indlcated with a minus sign
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Duke Company's records show the following account balances at December 31, 2024: Income tax expense has not yet been determined. The following events also occurred during 2024. All transactions are materlal in amount. 1. $390,000 in restructuring costs were incurred in connection with plant closings. 2. Inventory costing $490,000 was written off as obsolete. Materlal losses of this type are considered to be unusual. 3. It was discovered that depreciation expense for 2023 was understated by $59,000 due to a mathematical error. The amount is considered material. 4. The company experienced a negative foreign currency translation adjustment of $290,000 and had an unrealized gain on debt securitles of $270,000. Requlred: Prepare a single, continuous multiple-step statement of comprehensive income for 2024. The company's effectlve tax rate on all items affecting comprehensive income is 25%. Each component of other comprehensive income should be displayed net of tax. Ignore EPS disclosures. Note: Amounts to be deducted should be Indlcated with a minus sign 