Abacus Co., provided these data for 2020:Income from continuing operations4,000,000800,000Unrealized gain on financial asset at FVPLUnrealized gain on equity investment at FVOCI1,000,0001,200,000Unrealized loss on debt investment at FVOCILoss on credit risk a financial liability at FVPLUnrealized gain on futures contract designatedas cash flow hedgeNet remeasurement gain on a defined benefit planTranslation loss on foreign operationIncome from discontinued operationsRevaluation surplus300,000400,000600,000200,000500,0002,500,000How much should be reported as other comprehensive income for 2020?

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How much should be reported as other comprehensive income for 2020?

Financial Reporting, Financial Statement Analysis and Valuation

8th Edition

ISBN:9781285190907

Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Chapter12: Valuation: Cash-flow Based Approaches

Section: Chapter Questions

Problem 2CIC

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Question

Abacus Co., provided these data for 2020:
Income from continuing operations
4,000,000
800,000
Unrealized gain on financial asset at FVPL
Unrealized gain on equity investment at FVOCI
1,000,000
1,200,000
Unrealized loss on debt investment at FVOCI
Loss on credit risk a financial liability at FVPL
Unrealized gain on futures contract designated
as cash flow hedge
Net remeasurement gain on a defined benefit plan
Translation loss on foreign operation
Income from discontinued operations
Revaluation surplus
300,000
400,000
600,000
200,000
500,000
2,500,000
How much should be reported as other comprehensive income for 2020?

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