Question
Use this information to answer the following questions: the trial balance of Kroeger Inc. included the...
Use this information to answer the following questions:
the trial balance of Kroeger Inc. included the following accounts as of December 31, 2021
debits credits
sales revenue 8,200,000
Interest revenue 60,000
Gain on sale of investments 120,000
Gain on debt securities 140,000
Loss on projected benefit obligation 160,000
Cost of goods sold 6,100,000
Selling expense 600,000
Goodwill impairment loss 500,000
Interest expense 30,000
General and administrative expense 500,000
The gain on debt securities represents the increase in the fair
value of debt securities and is classified a component of other
comprehensive income. Kroeger had 300,000 shares of stock
outstanding throughout the year. Income tax expense has not yet
been recorded. The effective tax rate is 25%.
1) Required: Prepare a 2021 multiple-step income statement for
Kroeger Inc. with earnings per share disclosure.
2) Required: Prepare a 2021 separate statement of comprehensive
income for Kroeger Inc.
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