The massoud consulting group reported net income of $1,376,000 for its fiscal year ended december 31, 2021. in addition, during the year the company experienced a positive foreign currency translation adjustment of $350,000 and an unrealized loss on debt securities of $90,000. the company’s effective tax rate on all items affecting comprehensive income is 25%. each component of other comprehensive income is displayed net of tax. required: prepare a separate statement of comprehensive income for 2021. (amount to be deducted should be indicated with a minus sign.)

Statement of Comprehensive Income for 2021;

Net Income = $1,376,000

Other Comprehensive income (loss):-

Foreign Currency Translation Gain (Net of Tax):

= $350,000 - 25% of $350,000

= $350,000 - $87,500

= $262,500

Unrealized losses on investment securities (Net of tax):

= $90,000 - 25% of $90,000

= $90,000 - $22,500

= ($67,500)

Total other Comprehensive income:

= Foreign Currency Translation Gain (Net of Tax) + Unrealized losses on investment securities (Net of tax)

= $262,500 + ($67,500)

= $262,500 - $67,500

= $195,000

Comprehensive Income = Net Income + Total other Comprehensive income

                                        =  $1,376,000 + $195,000

                                        = $1,571,000

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