The barrington construction company builds office buildings.It also owns and operates a chain of motels throughout the Northwest. On September 30,2016, the company decided to sell the entire motel business for $40million. The sale was completed on December 15,2016.Income statement information for 2016 is provided below for the two components of the company.
($ in millions)
Construction Motel
Component. Component
Sales
revenue. $450.0. $200.0
Operating
expenses. 226.0. 210.0
Other income
(loss ) 16.0 30.0
Income (loss)
before income
taxes. $240.0. $40.0
Income tax
expense
(benefit) 96.0. 16.0
Net income
(loss) 144.0. 24.0
In addition, in 2016 the company had pretax net unrealized holding gains on investment securities of $3 million and a foreign currency translation adjustment gain of $ 1 million.
Required:
1 Prepare a single, continuous 2016 statement of comprehensive income for the Barrington Construction Company including Eps disclosures. There were 100 million shares of common stock outstanding throughout 2016. The company had no potentially dilutivr securities outstanding or stock options that could cause additional common shares. Use the multiple step approach for the income statement portion of the statement.
2. Prepare a seperate 2016 statement of comprehensive income.
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