Presented below is information related to Wise Company at December 31, 2017, the end of its first year of operations.

Sales revenue $775,000
Cost of goods sold 350,000
Selling and administrative expenses 125,000
Gain on sale of plant assets 75,000
Unrealized gain on available-for-sale investments
25,000
Interest expense 15,000
Loss on discontinued operations 30,000
Allocation to noncontrolling interest 100,000
Dividends declared and paid 12,000

Compute the following. Ignore income tax effects.
(a) Income from operations $300,000

(b) Net income $330,000

(c) Net income attributable to Wise Company's controlling stockholders $230,000

(d) Comprehensive income $355,000

(e) Retained earnings balance at December 31, 2017 $318,000

Solution:
Sales revenue $775,000
Cost of goods sold 350,000
Gross profit 425,000
Selling administrative expenses 125,000
Income from operations 300,000 (a)
Other revenues and gains
Gain on sale of plant assets 75,000
Other expenses and losses
Income before other expenses and losses 375,000
Interest expense 15,000
Income from continuing operations 360,000
Loss on discontinued operations (30,000)
Net Income 330,000 (b)
Allocation to noncontrolling interest (100,000)
Net income attributable to controlling shareholders $230,000 (c)

Net income $330,000
Unrealized gain on available-for-sale investments 25,000
Comprehensive income $355,000 (d)

Net income $330,000
Dividends (12,000)
12/31/17 Retained earnings $318,000 (e)