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During 2022, Vaughn Corporation had the following amounts, all before calculating tax effects: income before income taxes $490,000 loss on operation of discontinued music division
During 2022, Vaughn Corporation had the following amounts, all before calculating tax effects: income before income taxes $490,000 loss on operation of discontinued music division $61,000, gain on disposal of discontinued music division $42,000, and unrealized loss on available-for-sale securities $154,000. The income tax rate is 32%. 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 e.g. 2,945 or parentheses e.g. (2,945).)
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