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13 April, 01:31

The Massoud Consulting Group reported net income of $1,354,000 for its fiscal year ended December 31, 2018. In addition, during the year the company experienced a positive foreign currency translation adjustment of $240,000 and had unrealized losses on investment securities of $80,000. The company's effective tax rate on all items affecting comprehensive income is 30%. Each component of other comprehensive income is displayed net of tax. Prepare a separate statement of comprehensive income for 2018.

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  1. 13 April, 05:28
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    Massoud Consulting Group

    Statement of Comprehensive Income

    for the year ended December 31, 2018.

    $ $

    Net Income 1,354,000

    Other Comprehensive Income:

    Foreign Currency Gain / Loss 240,000

    Unrealized Losses on Investment Securities (80,000)

    160,000

    Total Comprehensive Income 1,514,000
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