Turnball Ltd

Accounting Oct 06, 2020

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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