Question: Current Attempt in Progress Cullumber Limited reported the following selected information for the year ended March 31, 2024: Advertising expense $8,000 Income tax payable $7,600

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Current Attempt in Progress Cullumber Limited reported the following selected information for the year ended March 31, 2024: Advertising expense $8,000 Income tax payable $7,600 Cash dividendscommon 5,000 Interest expense 5,800 Depreciation expense 4,000 Loss on discontinued operations 24,000 Fees earned 57,000 Rent revenue 39,000 Gain on disposal of equipment 1,000 Retained earnings, April 1, 2023 24,000 Holding loss on equity investments 4,000 Telephone expense 9,000 The company's income tax rate is 30%. The company reports gains and losses on its equity investments as other comprehensive income. Prepare a multi-step income statement and a separate statement of comprehensive income for Cullumber Limited. Prepare a multi-step income statement and a separate statement of comprehensive income for Cullumber Limited. CULLUMBER LIMITED Income Statement Year Ended March 31, 2024 Revenues $\f\fCULLUMBER LIMITED Statement of Comprehensive Income Year Ended March 31, 2024 v Profit / (Loss) for the Year v $ Other Comprehensive Income (Loss) + Holding Loss on Equity Investments v Comprehensive Income v $

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