ACCOUNTING EXERCISE E4-2B (Compute Income Measures)

E4-2B (Compute Income Measures) Presented below is information related to Copa Corporation at

December 31, 2014, the end of its first year of operations.

Sales revenue $536,000

Loss on sale of investments 5,000

Cost of goods sold 363,000

Allocation to non-controlling interest 23,000

Interest expense 31,500

Unrealized gain on available-for-sale

Selling and administrative financial assets 16,000

expenses 110,500

Gain on discontinued operations 18,000

Dividends declared and paid 10,000

Instructions

Compute the following: (a) income from operations, (b) net income, (c) net income attributable to Copa

Corporation controlling shareholders, (d) comprehensive income, and (e) retained earnings balance at

December 31, 2014.