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5 January, 06:20

Korte Company reported the following information for 2014:

Sales revenue $1,500,000

Cost of goods sold 1,050,000

Operating expenses 165,000

Unrealized holding gain on available-for-sale securities 50,000

Cash dividends received on the securities 6,000

For 2014, Korte would report comprehensive income of what amount?

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  1. 5 January, 06:50
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    Answer: For 2014, Korte would report comprehensive income of $341,000.

    Explanation:

    Korte Company

    Comprehensive income statement for 2014 (extract)

    Sales revenue $1,500,000

    Cost of goods sold (1,050,000)

    Gross profit 450,000

    Operating expenses (165,000)

    Other income:

    Unrealised gain on AFS securities 50,000

    Dividends received 6,000

    Comprehensive income $341,000
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