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During 2022, Crane Corporation had the following amounts, all before calculating tax effects: income before income taxes $493,000, loss on operation of discontinued music division
During 2022, Crane Corporation had the following amounts, all before calculating tax effects: income before income taxes $493,000, loss on operation of discontinued music division $58,000, gain on disposal of discontinued music division $38,000, and unrealized loss on available-for-sale securities $151,000. The income tax rate is 35%. Prepare a partial income statement, beginning with income before income taxes, 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).)
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