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An inexperienced accountant for Sheridan Corporation showed the following in the income statement: net income $278,250 and unrealized gain on available-for-sale securities (before taxes) $88,700.
An inexperienced accountant for Sheridan Corporation showed the following in the income statement: net income $278,250 and unrealized gain on available-for-sale securities (before taxes) $88,700. The unrealized gain on available-for-sale securities is subject to a 25% tax rate Prepare a correct statement of comprehensive income. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2.945).) SHERIDAN CORPORATION Statement of Comprehensive Income Income tax expense 278,250 Net income/(loss) Unrealized holding gain on available-for-sale securities # Other comprehensive income # $
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