The Massoud Consulting Group reported net income of $1,354,000 for its fiscal ye

Question

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. Required: Prepare a separate statement of comprehensive income for 2018. (Amounts to be deducted should be indicated with a minus sign.) THE MASSOUD CONSULTING GROURP Statement of Comprehensive Income For the Year Ended December 31, 2018 Net income Other comprehensive income (loss) Foreign currency translation gain, net of tax Unrealized losses on investment securities, net of tax Total other comprehensive income Comprehensive income

Explanation / Answer

The Massoud Consulting Group

Statement of Comprehensive Income

For the Year Ended December 31, 2018

Net income $1,354,000 Other comprehensive income (loss): Foreign currency translation gain, net of tax $168,000 Unrealized losses on investment securities, net of tax $(56,000) Total other comprehensive income $112,000 Comprehensive income $1,466,000

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