Duke Company's records show the following account balances at December 31, 2021: Sales revenue Cost of...

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Duke Company's records show the following account balances at December 31, 2021: Sales revenue Cost of goods sold General and administrative expense Selling expense Interest expense $16,000,000 9,500,000 1,050,000 550,000 750,000 Income tax expense has not yet been determined. The following events also occurred during 2021. All transactions are material in amount. 1. $350,000 in restructuring costs were incurred in connection with plant closings. 2. Inventory costing $450,000 was written off as obsolete. Material losses of this type are considered to be unusual. 3. It was discovered that depreciation expense for 2020 was understated by $55,000 due to a mathematical error. 4. The company experienced a negative foreign currency translation adjustment of $250,000 and had an unrealized gain on debt securities of $230,000. Required: Prepare a single, continuous multiple-step statement of comprehensive income for 2021. The company's effective tax rate on all items affecting comprehensive income is 25%. Each component of other comprehensive income should be displayed net of tax. Ignore EPS disclosures. (Amounts to be deducted should be indicated with a minus sign.) Sales revenue Cost of goods sold Gross profit Operating expenses: General and administrative expenses Restructuring costs Selling expenses Loss on inventory write-down DUKE COMPANY Statement of Comprehensive Income For the Year Ended December 31, 2021 Total operating expenses Operating income Other income (expense): Interest expense Income before income taxes Income tax expense Net income Other comprehensive income, net of tax: Foreign currency translation adjustment Gain on debt securities Total other comprehensive income (loss) Comprehensive income $ 1,050,000 350,000 550,000 (450,000) (187,500) 172,500 $ 16,000,000 9,500,000 6,500,000 1,500,000 5,000,000 (750,000) 0 4,250,000 (1,062,500) 3,187,500 (15,000) $ 3,172,500 Note: There is no answer option to put undercosted depreciation expense. For some reason income tax expense is wrong. It's Income before tax multiple the tax rate of 25% to get the tax expense, isn't it? Please help me figure this out. Thanks. Duke Company's records show the following account balances at December 31, 2021: Sales revenue Cost of goods sold General and administrative expense Selling expense Interest expense $16,000,000 9,500,000 1,050,000 550,000 750,000 Income tax expense has not yet been determined. The following events also occurred during 2021. All transactions are material in amount. 1. $350,000 in restructuring costs were incurred in connection with plant closings. 2. Inventory costing $450,000 was written off as obsolete. Material losses of this type are considered to be unusual. 3. It was discovered that depreciation expense for 2020 was understated by $55,000 due to a mathematical error. 4. The company experienced a negative foreign currency translation adjustment of $250,000 and had an unrealized gain on debt securities of $230,000. Required: Prepare a single, continuous multiple-step statement of comprehensive income for 2021. The company's effective tax rate on all items affecting comprehensive income is 25%. Each component of other comprehensive income should be displayed net of tax. Ignore EPS disclosures. (Amounts to be deducted should be indicated with a minus sign.) Sales revenue Cost of goods sold Gross profit Operating expenses: General and administrative expenses Restructuring costs Selling expenses Loss on inventory write-down DUKE COMPANY Statement of Comprehensive Income For the Year Ended December 31, 2021 Total operating expenses Operating income Other income (expense): Interest expense Income before income taxes Income tax expense Net income Other comprehensive income, net of tax: Foreign currency translation adjustment Gain on debt securities Total other comprehensive income (loss) Comprehensive income $ 1,050,000 350,000 550,000 (450,000) (187,500) 172,500 $ 16,000,000 9,500,000 6,500,000 1,500,000 5,000,000 (750,000) 0 4,250,000 (1,062,500) 3,187,500 (15,000) $ 3,172,500 Note: There is no answer option to put undercosted depreciation expense. For some reason income tax expense is wrong. It's Income before tax multiple the tax rate of 25% to get the tax expense, isn't it? Please help me figure this out. Thanks.

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