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Unformatted text preview: (120,000) Unrealized gains on securities (net of tax) 108,000 Comprehensive income (loss) $1,248,000 IRMO COMPANY December 31, 2011 Account Balances Sales $15,000,000 Cost of goods sold $9,000,000 General and administrative expenses $1,000,000 Selling expenses $500,000 Interest expense $700,000 Additional information: Restructuring costs due to plant closings $300,000 Received for plant expropriated by foreign government $1,000,000 Amount received as a percentage of book value 50% Inventory written off as obsolete $400,000 Understatement of 2010 depreciation expense $50,000 Foreign currency translation adjustment loss $200,000 Unrealized gain on investment securities $180,000 Effective tax rate 40%...
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This note was uploaded on 02/22/2012 for the course ACCT 401 taught by Professor Winchel during the Spring '10 term at South Carolina.
- Spring '10