Mason Co., Who Reports Using IFRS, Has A December 31st Year-End And Had The Following Totals For The Year: Revenue Of $740,000, Utilities Expenses Of $15,000, Rent Expense Of $42,000, Cost Of Goods Sold Of 390,000, Administrative Salaries Of $134,000, And An Unrealized Holding Gain On Its OCI Classified Investment Of $17,000.During The Year, Magician Co.
Mason Co., who reports using IFRS, has a December 31st year-end and had the following totals for the year: Revenue of $740,000, utilities expenses of $15,000, rent expense of $42,000, cost of goods sold of 390,000, administrative salaries of $134,000, and an unrealized holding gain on its OCI classified investment of $17,000.During the year, Magician Co. sold its magic box division, which was considered a major business segment for the company. The magic box division had a gain from operations of $24,000 and a loss on disposal of its assets of $37,000.
Magician Co. has a tax rate of 25%.
Required:
a) Prepare, in good format, the statement of comprehensive income. (10 marks)
b) Provide the year-end closing entries (5 marks)
