For the year ended December 31, 2014, Jet Set Airlines reported profit of $920,000 and a gain

Question:

For the year ended December 31, 2014, Jet Set Airlines reported profit of $920,000 and a gain on an equity investment of $66,000, before income tax. This gain is other comprehensive income. Jet Set has a tax rate of 30%.
(a) Prepare a statement of comprehensive income.
(b) Jet Set had an accumulated other comprehensive loss of $31,550 at January 1, 2014. What amount would it report in the shareholders' equity section of its on December 31, 2014?
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...