Manitoba Company had a net income of $856,000 and other comprehensive income of $123,500 for 2008. On

Question:

Manitoba Company had a net income of $856,000 and other comprehensive income of $123,500 for 2008. On January 1, 2008, the Retained Earnings balance was $3,460,000, and the Accumulated Other Comprehensive Income balance was $624,000.
Determine the
(a) Comprehensive income for 2008,
(b) Retained Earnings balance on December 31, 2008,
(c) Accumulated Other Comprehensive Income balance on December 31, 2008.