Suppose Victor Cycles, Inc., reported a number of special items on its income statement. The following data, listed in no particular order, came from Victor's financial statements (amounts in thousands):
Income tax expense (savings):
Continuing operations ..........................................................$ 295
Discontinued operations...............................................................56
Unrealized gain on available-for-sale investments, net of taxes.............35
Short-term investments............................................................20
Net sales......................................................................$13,300
Foreign-currency translation gain, net of taxes...............................300
Income from discontinued operations......................................................280
Dividends declared and paid...................................................620
Total operating expenses.....................................................12,200
Requirements
1. Show how the Victor Cycles, Inc., multistep income statement for the year ended September 30, 2016, should appear. Omit earnings per share. Use the end-of-chapter summary problem as an example.
2. Prepare the Statement of Comprehensive Income for Victor Cycles, Inc., for the year ended September 30, 2016. Use Exhibit 11-2 as an example.