Presented below is information related to Viel Company at December 31, 2017, the end of its first year of operations:

Sales revenue$310,000

Cost of goods sold140,000

Selling and admin expenses50,000

Gain on sale of plant assets30,000

Unrealized gain on available-for-sale investments10,000

Interest expense6,000

Loss on discontinued operations12,000

Dividends declared and paid5,000

Compute the following:

(a) income from operations

(b) net income

(c) comprehensive income

(d) retained earnings balance at December 31, 2017. (Ignore income tax effects.)

a. The computation of the income from operations is shown below:

= Sales revenue - Cost of goods sold - Selling and admin expenses

= $310,000 - $140,000 - $50,000

= $120,000

b. The computation of the net income is shown below:

= Income from operations + Gain on sale of plant assets - interest expenses - Loss on discontinued operations

= $120,000 + $30,000 - $6,000 - $12,000

= $132,000

c. The computation of the comprehensive income is shown below:

= Net income + unrealized holding loss on these securities

= $132,000 + $10,000

= $142,000

d. The computation of the ending retained earning balance is shown below:

= Net income - Dividends declared and paid

= $132,000 - $5,000

= $127,000