Presented below is information related to Viel AG at December 31, 2019, the end of its first year of operations.
Sales revenue......................................................€310,000
Cost of goods sold.................................................140,000
Selling and administrative expenses...............................50,000
Gain on sale of plant assets.........................................30,000
Unrealized gain on non-trading equity securities................10,000
Interest expense........................................................6,000
Loss on discontinued operations...................................12,000
Allocation to non-controlling interest.............................40,000
Dividends declared and paid........................................5,000
Instructions
Compute the following:
(a) Income from operations,
(b) Net income,
(c) Net income attributable to Viel AG controlling shareholders,
(d) Comprehensive income,
(e) Retained earnings balance at December 31, 2019.