Answer:
1. $192,200
2. $192,200
Explanation:
1. Preparation for the statement of comprehensive income using the one statement format
Splish Corporation Statement of Comprehensive IncomeFor the Year Ended December 31, 2020
Sales revenue $1,242,800
Less Cost of goods sold ($737,700)
Gross profit $505,100
Less Selling and administrative expenses ($329,500)
Net income $175,600
($505,100-$329,500)
Add Unrealized holding gain on available-for-sale debt securities $16,600
Comprehensive income $192,200
Therefore the Comprehensive income for the statement of comprehensive income using the one statement format will be $192,200
2. Preparation a statement of comprehensive income using the two statement format
Splish Corporation Statement of Comprehensive IncomeFor the Year Ended December 31, 2020
Sales revenue $1,242,800
Less Cost of goods sold ($737,700)
Gross profit $505,100
Less Selling and administrative expenses ($329,500)
Net income $175,600
($505,100-$329,500)
Comprehensive Income
Net Income $175,600
Add Unrealized holding gain on available-for-sale debt securities $16,600
Comprehensive income $192,200
Therefore the Comprehensive income for the statement of comprehensive income using the two statement format will be $192,200
