An inexperienced accountant for Silva Corporation showed the following in the income statement: net income $337,500 and
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An inexperienced accountant for Silva Corporation showed the following in the income statement: net income $337,500 and unrealized gain on available-for-sale securities (before taxes) $70,000. The unrealized gain on available-for-sale securities is subject to a 25% tax rate. Prepare a correct statement of comprehensive income. Indicate how a change in accounting principle is reported.
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SILVA CORPORATION Partial Statement of Comprehensive Income Net In...View the full answer
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