Statement of Comprehensive Income
Svedin Incorporated provides the following information relating to 2015:
The foreign currency adjustment resulted from a weakening in the currencies of Svedin’s foreign subsidiaries relative to the U.S. dollar. The deferred loss on derivatives required the recognition of a liability with a resulting decrease in equity. (Note: These items represent the results of events occurring during 2015, not the cumulative result of events in prior years.) 1. Determine the effect that each of these items would have when computing comprehensive income for 2015. Explain your rationale. 2. Prepare a statement of comprehensive income for Svedin Incorporated for 2015.