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The Barrington Company sells clothing and furniture. On September 30,2024, the company decided to sell...

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Accounting

The Barrington Company sells clothing and furniture. On September 30,2024, the company decided to sell the entire furniture business for $40 million. The sale was completed on December 15,2024. Income statement information for 2024 is provided below for the two components of the company.
'For the furniture component, the entire Other income (loss) amount represents the loss on sale of assets of the component for $40 million when their book value was $70 million.
A 25% tax rate applies to all items of income or loss.
In addition, in 2024 the company had a pretax net unrealized gain on debt securities of $6 million and a positive foreign currency translation adjustment of $2 million.
Requlred:
Prepare a single, continuous 2024 statement of comprehensive income for the Barrington Company including EPS disclosures. There were 100 million shares of common stock outstanding throughout 2024. The company had no potentially dilutive securities outstanding or stock options that could cause additional common shares. Use the multiple-step approach for the income statement portion of the statement.
Prepare a separate 2024 statement of comprehensive income.
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