ACC-2020

Crane Corporation has income from continuing operations of $250,000 for the year ended December 31,2022 . It also has the following items (before considering income taxes). 1. An unrealized loss of $70,000 on available-for-sale securities. 2. A gain of $30,000 on the discontinuance of a division (comprised of a $10,000 loss from operations and a $40,000 gain on disposal). Assume all items are subject to income taxes at a 15% tax rate. Prepare a partial income statement, beginning with income from continuing operations, and a statement of comprehensive income. (Enter loss using either a negative sign preceding the number e.g. 2,945 or parentheses e.g. (2,945).) CKANE COKPOKAIIUN Income Statement (Partial) For the Year Ended December 31, 2022 Income from Continuing Operations $250,000 Discontinued Operations \begin{tabular}{|ll||} \hline \hline Gain from Operations of Discontinued Division & \\ \hline \hline \end{tabular} $32,000 \begin{tabular}{|ll||} \hline Income from Continuing Operations & \\ \hline \hline \end{tabular} \begin{tabular}{|r||} \hline 282000 \\ \hline \end{tabular} Net Income/(Loss) CRANE CORPORATION Statement of Comprehensive Income For the Year Ended December 31, 2022 Net Income / (Loss) $ Other Comprehensive Income Unrealized Holding Loss on Available-for-Sale Securities Comprehensive Income / (Loss) $