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Presented below is information related to Kingbird Corporation at December 31, 2017, the end of its first year of operations.
Sales revenue
$539,000
Cost of goods sold
367,000
Interest expense
33,300
Selling and administrative expenses
109,600
Dividends declared and paid
10,600
Loss on sale of investments
4,900
Allocation to non-controlling interest
22,400
Unrealized gain on available-for-sale financial assets
16,300
Gain on discontinued operations
18,800
Compute the following: Ignore tax effects.
(a)
Income from operations
$
281600
(b)
Net income
$
47200
(c)
Net income attributable to Kingbird Corporation controlling shareholders
$
30548
(d) Comprehensive income
$
63500
(e)
Retained earnings balance at December 31, 2017
$
41100