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Home / Questions / Duke Company's records show the following account balances at December 31, 2016: $18,200,000 10,

Duke Company's records show the following account balances at December 31, 2016: $18,200,000 10,

Duke Companys records show the following account balances at December 31, 2016: $18,200,000 10,600,000 1,160,000 660,000 860

Duke Company's records show the following account balances at December 31, 2016: $18,200,000 10,600,000 1,160,000 660,000 860,000 Sales Cost of goods sold General and administrative expenses Selling expenses Interest expense Income tax expense has not yet been determined. The following events also occurred during 2016. All transactions are material in amount. 1. $460,000 in restructuring costs were incurred in connection with plant closings. 2. Inventory costing $560,000 was written off as obsolete. Material losses of this type are considered to be unusual 3. was discovered that depreciation expense for 2015 was understated by $66,000 due to a mathematical error. 4. unreali ins on investments of $340,000 erienced a foreign currency translation adjustment loss of $360,000 and had Required: Prepare a single, continuous multiple-step statement of comprehensive income for 2016. The company's effective tax rate on all items affecting comprehensive income is 40%. Each component of other comprehensive income should be displayed net of tax. Ignore EPS disclosures. (Amounts to be deducted should be indicated with a minus sign.) DUKE COMPANY Statement of Comprehensive Income For the Year Ended December 31, 2016 Operating expenses: Total operating expenses Other income (expense): Income before income taxes Other comprehensive income (loss): Total other comprehensive loss Comprehensive income

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