Wildhorse Limited reported the following selected information for the year ended March 31, 2021: Advertising expense $6,000 Interest expense $5,800 Cash dividends—common 5,000 Loss on discontinued operations 13,000 Depreciation expense 3,000 Rent revenue 30,000 Fees earned 61,000 Retained earnings, April 1, 2020 17,000 Gain on disposal of equipment 2,000 Telephone expense 8,000 Holding loss on equity investments 4,000 Income tax payable 6,800 The company’s income tax rate is 30%. The company reports gains and losses on its equity investments as other comprehensive income.

a- Prepare an income statement and a separate statement of comprehensive income for Wildhorse Limited.

WILDHORSE LIMITED
Income Statement

b- WILDHORSE LIMITED
Statement of Comprehensive Income
choose the accounting period Year Ended March 31, 2021Month Ended March 31, 2021March 31, 2021

Answer rating: 100% (QA)

Income Statement of wild horse Ltd for year 31032 Particulars 610... View the full answer