Question
Boston Inc has income from continuing operations of $290,000 for the year ended December 31, 2014. It also has the following items (before considering income
Boston Inc has income from continuing operations of $290,000 for the year ended December 31, 2014. It also has the following items (before considering income taxes).
An unrealized loss of $80,000 on available-for-sale securities.
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).
A correction of an error in last year's financial statements that resulted in a $20,000 understatement of 2013 net income.
Assume all items are subject to income taxes at a 20% tax rate.
Need to prepare statement of comprehensive income, beginning with income from continuing operations.
Boston Inc
Comprehensive Income
For the Year Ended December 31, 2014
Income from Continue Operations 290000
Discontinued Operations
Gain from Disposal
Loss from Operations
Net Income
Other Comprehensive Income
etc etc.
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