McIntire Inc. summarized the following pretax amounts from its accounting records for the year. Foreign currency translation
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Question:
McIntire Inc. summarized the following pretax amounts from its accounting records for the year.
Foreign currency translation adjustment-loss | $(90,000) |
Interest Expense | 9,000 |
interest revenue | 2,400 |
Loss due to flood (considered unusual and infrequent) | (206,000) |
Unrealized holding gain on debt investments | 17,000 |
Based on the information provided above, determine the total amount of other comprehensive income, net of tax, reported on the company's statement of comprehensive income for the year. Assume a tax rate of 25% and the company reported net income of $650,000.
Related Book For
Financial Reporting Financial Statement Analysis and Valuation a strategic perspective
ISBN: 978-1337614689
9th edition
Authors: James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
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