Question $8$

$36$ pts

Single, continuous statement of comprehensive income $(36$ points$)$

The following income statement items appeared on the adjusted trial balance of XYZ Corporation for the year ended December $31,2024($ $ in thousands$)$: sales revenue, $$17,000$; cost of goods sold, $$9,700$; selling expenses, $$600$; general and administrative expenses, $$700$; intorest revenue, $$300$; interest expense, $$200.$ Income taxes have not yet been recorded. The company's income tax rate is $20\%$ on all ltems of income or loss. These revenue and expense items appear in the company's income statement every year, The company's controller, however, has asked for your help in determining the appropriate treatment of the following nonrecurring transactions that also occurred during $2024($ $ in thousands$).$ All transactions are material in amount.

Investments were sold during the year at a loss of $$200.$ XYZ also had an unrealized gain of $$300$ for the year on investments. The unrealized gain represents a decrease in the fair value of debt securities and is classified as part of other comprehensive income.

One of the company's factories was closed during the year. Restructuring costs incurred were $$700.$

During the year, $xYZ$ completed the sale of one of its operating divisions that qualifies as a component of the entity according to GAAP regarding discontinued operations. The division had incurred operating loss of $$300$ in $2024$ prior to the sale, and its assets were sold at a gain of $$200.$

A positive foreign currency translation adjustment for the year totaled $$80.$

Cost of Goods Sold in $2024$ includes an increase of $$50$ million to correct an understatement of Cost of Goods Sold in $2023.$

Three hundred thousand $(300,000)$ shares of common stock were outstanding as of $\frac{12}{31}\frac{?}{23}.$ The following additional issuance of shares occurred during $2024$: a$.)4/1/21$ issued $80,000$ shares.

Required:

Based on the all of the information provided, answer the following questions as they would appear in a single, continuous multiplestep statement of comprehensive income for $2024.($each $3$ points$)$

Gross profit

Total operating expenses

Operating income

Total other revenue$/($expense$)$

Income before Tax

Income tax expense

Income from continuing operations $($IFCO$)$

Discontinued operations

Net income

Other comprehensive income

Comprehensive income

Weighted Average Common Shares outstanding

Edit Format TableQuestion $8$

$36$ pts

Single, continuous statement of comprehensive income $(36$ points$)$

The following income statement items appeared on the adjusted trial balance of XYZ Corporation for the year ended December $31,2024($ $ in thousands$)$: sales revenue, $$17,000$; cost of goods sold, $$9,700$; selling expenses, $$600$; general and administrative expenses, $$700$; intorest revenue, $$300$; interest expense, $$200.$ Income taxes have not yet been recorded. The company's income tax rate is $20\%$ on all ltems of income or loss. These revenue and expense items appear in the company's income statement every year, The company's controller, however, has asked for your help in determining the appropriate treatment of the following nonrecurring transactions that also occurred during $2024($ $ in thousands$).$ All transactions are material in amount.

Investments were sold during the year at a loss of $$200.$ XYZ also had an unrealized gain of $$300$ for the year on investments. The unrealized gain represents a decrease in the fair value of debt securities and is classified as part of other comprehensive income.

One of the company's factories was closed during the year. Restructuring costs incurred were $$700.$

During the year, $xYZ$ completed the sale of one of its operating divisions that qualifies as a component of the entity according to GAAP regarding discontinued operations. The division had incurred operating loss of $$300$ in $2024$ prior to the sale, and its assets were sold at a gain of $$200.$

A positive foreign currency translation adjustment for the year totaled