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Cullumber Corporation has income from continuing operations of $294,000 for the year ended December 31, 2022. It also has the following items (before considering
Cullumber Corporation has income from continuing operations of $294,000 for the year ended December 31, 2022. It also has the following items (before considering income taxes). 1. An unrealized loss of $88,000 on available-for-sale securities. 2. A gain of $33,000 on the discontinuance of a division (comprised of a $16,000 loss from operations and a $49,000 gain on disposal). Assume all items are subject to income taxes at a 16% tax rate. Prepare a partial income statement, beginning with income from continuing operations, and a statement of comprehensive income for the year ended December 31, 2022. (Enter loss using either a negative sign preceding the number eg. -2,945 or parentheses e.g. (2,945).) CULLUMBER CORPORATION Income Statement (Partial) $ CULLUMBER CORPORATION Statement of Comprehensive Income $ $ $ $
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