Prepare Schembri’s single, continuous multiple-step statement of comprehensive income for 2021, including earnings per share disclosures. One million shares of common stock were outstanding at the beginning of the year and an additional 400,000 shares were issued on July 1, 2021. Prepare a separate statement of comprehensive income for 2021.
The following income statement items appeared on the adjusted
- Investments were sold during the year at a loss of $240. Schembri also had an unrealized gain of $360 for the year on investments in debt securities that qualify as components of comprehensive income.
- One of the company’s factories was closed during the year. Restructuring costs incurred were $1,400.
- During the year, Schembri completed the sale of one of its operating divisions that qualifies as a component of the entity according to GAAP. The division had incurred a loss from operations of $580 in 2021 prior to the sale, and its assets were sold at a gain of $1,440.
- In 2021, the company’s accountant discovered that
depreciation expense in 2020 for the office building was understated by $220. - Negative foreign currency translation adjustment for the year totaled $260.
Required:
- Prepare Schembri’s single, continuous multiple-step statement of comprehensive income for 2021, including earnings per share disclosures. One million shares of common stock were outstanding at the beginning of the year and an additional 400,000 shares were issued on July 1, 2021.
- Prepare a separate statement of comprehensive income for 2021.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
