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inysia [295]
3 years ago
5

The Ziltech Consulting Group reported net income of $1,000,000 for its fiscal year ended December 31, 2021. In addition, during

the year the company experienced a positive pretax foreign currency translation adjustment of $400,000 and an unrealized pretax loss on debt securities of $80,000. The company’s effective tax rate on all items affecting comprehensive income is 25%. The amount of comprehensive income reported on statement of comprehensive income for 2021 would be:
Business
1 answer:
grigory [225]3 years ago
7 0

Answer:

$1,240,000

Explanation:

Given that,

Net income = $1,000,000

Pretax foreign currency translation adjustment = $400,000

Unrealized pretax loss on debt securities = $80,000

Effective tax rate = 25%

Total other comprehensive income:

= Foreign currency translation adjustment - Loss on debt securities

= [$400,000 × (1 - 25%)] - [$80,000 × (1 - 25%)]

= ($400,000 × 0.75) - ($80,000 × 0.75)

= $300,000 - $60,000

= $240,000

Comprehensive income:

= Net income + Total other comprehensive income

= $1,000,000 + $240,000

= $1,240,000

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