Question

During the year ended December 31, 2014, Longman International Corporation earned $ 6,500,000 in net income after taxes. The company reported $ 100,000 of net unrealized losses on available-for-sale securities, net of taxes and $ 150,000 in foreign currency translation losses from consolidation of its Brazilian subsidiary company, net of taxes.

Requirements
1. Prepare the Statement of Comprehensive Income for Longman International Corporation for the year ended December 31, 2014. Use Exhibit 11- 2 on page 631 as an example.
2. Explain where the following items will appear in Longman International Corporation’s Statement of Stockholder’s Equity for the year ended December 31, 2014:
a. Net income
b. Net unrealized losses from available- for- sale securities, net of taxes
c. Foreign currency translation losses from consolidation of Mexican subsidiary, net of taxes.



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  • CreatedJuly 25, 2014
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