Reach Out Card Company Limited reported the following for 2023: sales revenue, $1.2 million; cost of goods

Question:

Reach Out Card Company Limited reported the following for 2023: sales revenue, $1.2 million; cost of goods sold, $750,000; selling and administrative expenses, $320,000; gain on disposal of building, $250,000; and unrealized gain-OCI (related to FV-OCI equity investments with gains/losses not recycled), $18,000.


Instructions
Prepare a statement of comprehensive income. Ignore income tax and EPS. Assume investments are accounted for as FV-OCI equity investments, with gains/losses not recycled through net income.

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Related Book For  answer-question

Intermediate Accounting Volume 1

ISBN: 9781119740469

13th Canadian Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy

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