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25 September, 23:40

An inexperienced accountant for Concord Corporation showed the following in the income statement: income before income taxes $381,000 and unrealized gain on available-for-sale securities (before taxes) $85,700. The unrealized gain on available-for-sale securities and income before income taxes are both subject to a 30% tax rate. Prepare a correct statement of comprehensive income.

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  1. 26 September, 00:08
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    A statement of comprehensive income is s financial performance statement that lists a detailed flow of net income and unrealized income towards profit / loss making

    Statement of comprehensive income

    Income before tax - 381,000

    Income tax at 30% - (114,300)

    Net Income - 266,700

    Other income

    Unrealized gain on available for sale securities

    85,700

    Income tax at 30% (25,710)

    60,530

    Comprehensive income = 327,230
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