Question
6. Star Corporation has income before taxes of $290,000 for the year ended 12/31/17. It also has the following items (before taxes) subject to a
6. Star Corporation has income before taxes of $290,000 for the year ended 12/31/17. It also has the following items (before taxes) subject to a 20% income tax rate. Prepare a statement of comprehensive income. 1. An unrealized loss of $80,000 on available-for-sale securities. 2. A gain of $30,000 on the discontinuance of a division. 3. A correction of an error in last year's financial statements that resulted in a $20,000 understatement of 2016 net income. Star Corp. Partial Statement of Comprehensive Income Income before income taxes 290,000 Income tax expense Income from continuing operations
Star Corp. Partial Statement of Comprehensive Income | |
Income before income taxes | 290,000 |
Income tax expense | |
Income from continuing operations | |
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