Top Brands Limited reported the following selected information for the year ended March 31, 2021:

The company?s income tax rate is 30%. The company reports gains and losses on its equity investments as other comprehensive income.

Instructions

Prepare an income statement and a separate statement of comprehensive income for Top Brands Limited.

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Advertising expense Cash dividends-common Depreciation expense Fees earned Gain on disposal of equipment Holding loss on equity investments Income tax payable Interest expense Loss on discontinued operations Rent revenue Retained earnings, April 1, 2020 Telephone expense $ 7,000 5,000 3,000 62,000 1,500 3,000 $ 6,600 5,500 18,000 34,000 19,000 8,000