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Homework answers / question archive / Turnball Ltd
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:
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.
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