Reporting a Comprehensive Income Statement Wagner Inc. has service revenue of $1,200,000, operating expenses of $720,000,...

Transcribed Image Text:

Reporting a Comprehensive Income Statement Wagner Inc. has service revenue of $1,200,000, operating expenses of $720,000, and an unrealized holding loss of $60,000 on debt security investments for the year ended December 31. Its income tax rate is 25%. Required a. Prepare a single continuous statement of comprehensive income. Ignore earnings per share disclosures. Do not use negative signs with any of your answers. Wagner Inc. Statement of Comprehensive Income For the Year Ended December 31 $ 0 0 Income before income tax 0 0 0 0 $ 0 b. Prepare two separate statements of income and comprehensive income. Ignore earnings per share disclosures. Do not use negative signs with any of your answers. Wagner Inc. Income Statement For the Year Ended December 31 Income before income tax Wagner Inc. Statement of Comprehensive Income For the Year Ended December 31 $ 0 0 0 0 0 +A $ 0 0 $ 0 Comprehensive income Income before income tax Income tax expense Net income Operating expenses Service revenue Unrealized holding loss on security investments, net of tax Reporting a Comprehensive Income Statement Wagner Inc. has service revenue of $1,200,000, operating expenses of $720,000, and an unrealized holding loss of $60,000 on debt security investments for the year ended December 31. Its income tax rate is 25%. Required a. Prepare a single continuous statement of comprehensive income. Ignore earnings per share disclosures. Do not use negative signs with any of your answers. Wagner Inc. Statement of Comprehensive Income For the Year Ended December 31 $ 0 0 Income before income tax 0 0 0 0 $ 0 b. Prepare two separate statements of income and comprehensive income. Ignore earnings per share disclosures. Do not use negative signs with any of your answers. Wagner Inc. Income Statement For the Year Ended December 31 Income before income tax Wagner Inc. Statement of Comprehensive Income For the Year Ended December 31 $ 0 0 0 0 0 +A $ 0 0 $ 0 Comprehensive income Income before income tax Income tax expense Net income Operating expenses Service revenue Unrealized holding loss on security investments, net of tax