(Answered) Question - willie nelson jr controller for concord

Accounting

Question - Willie Nelson, Jr., controller for Concord Corporation, is preparing the company's financial statements at year-end. Currently, he is focusing on the income statement and determining the format for reporting comprehensive income. During the year, the company earned net income of $433,800 and had unrealized gains on available-for-sale securities of $13,680. In the previous year, net income was $444,620, and the company had no unrealized gains or losses.

Show how income and comprehensive income will be reported on a comparative basis for the current and prior years, using the two statement format.

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