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Presented below is information related to Crane Company at December 31, 2020, the end of its first year of operations.

Sales revenue $316,550
Cost of goods sold 150,400
Selling a nd administrative expenses 53,900
Gain on sale of plant assets 30,560
Unrealized gain on available
-for-sale debt investments 9,460
Interest expense 5,840
Loss on discontinued operations 11,990
Dividends declared and paid 4,730

Compute the following:
a. Income from operations
b. Net Income
c. Net income from attributable to Viel Company's controlling shareholds
d. Comprehensive income
e. Retained earnings balance at December 31, 2020.

Respuesta :

Answer:

Follows are the solution to the given points:

Explanation:

In point a:

Formula:

[tex]= \text{sales-Cost of product sold -Selling and Administrative expense}[/tex]

[tex]=316,550-150,400-53,900\\\\=112,250[/tex]

In point b:

Formula:

[tex]=\text{Income from operation + Gain on sale of plant assets} - \text{Interest Expense} -\text{Loss from discontinued operations}\\\\=112,250+30,560- 5,840- 11,990\\\\=124,980[/tex]

In point c:

Formula:

[tex]=\text{Net Income- Allocation to noncontrolling interest}[/tex]

[tex]= 124,980 - \text {missing value}[/tex]

In point d:

Formula:

[tex]=\text{Net Income+ Unrealized gain on available for sale debt investments}\\\\= 124,980- 9,460\\\\=115,520[/tex]

In point e:

Formula:

[tex]=\text{Net Income - Dividends declared and paid}\\\\=124,980- 4730\\\\=120,250\\\\[/tex]

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