(Answered) Question the massoud consulting group reported net income

Accounting

Question: The Massoud Consulting Group reported net income of $1,380,000 for its fiscal year ended December 31, 2016. In addition, during the year the company experienced a foreign currency translation adjustment gain of $370,000 and had unrealized losses on investment securities of $40,000. The company's effective tax rate on all items affecting comprehensive income is 30%. Each component of other comprehensive income is displayed net of tax.

Prepare a separate statement of comprehensive income for 2016. (Amount to be deducted should be indicated with a minus sign.)

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