FARE Q&S, Sim P.140 #3
Q) ...Remeasurement of Schnell's currency year financial statements resulted in a $7,600 gain, and translation of its financial statements resulted in an $8,100 gain. What amount should Park report as a foreign exchange gain in its income statement for the current year ended December 31?
My question) Although translation gain is not net income but other comprehensive income (OCI), is it still be an item of the income statement? So should it be reported in the income statement?