The adjusted trial balance of Trammell Corporation for the fiscal year ended December 31, 2019 contains the following:
Gain on sale of investments
|
45,000
|
Cost of goods sold
|
1,200,000
|
Deferred revenue
|
50,000
|
Interest payable
|
5,000
|
Sales returns
|
20,000
|
General and administrative expenses
|
100,000
|
Sales
|
2,100,000
|
Interest expense
|
40,000
|
Accounts receivable
|
200,000
|
Selling expenses
|
125,000
|
Restructuring expenses
|
20,000
|
During the year, Trammell adopted a plan to sell one of its divisions. The division is being held for sale as of December 31, 2019. On that date, the net book value of the division is $200,000 and the fair value is $225,000. The division has an operating loss of $55,000 for the fiscal year.
Trammell’s income tax rate is 25%.
Required: Based on the information provided, prepare a multiple-step income statement by hand on the back of this sheet of paper.
Whittaker, Inc. has net income of $400,000 for the fiscal year ended June 30, 2019. In addition, the company has both an unrealized holding gain on investments of $50,000 and a loss on foreign currency translation adjustment of $20,000. The company’s income tax rate is 30%.
Required: Based on the information provided, prepare a statement of comprehensive income by hand in the space provided below.
