eBook Calculator Comprehensive: Comparative Income Statements Tiger Company's accountant for the prepared comparative Income statements for 2016 and 2017 as follows: Comparative Income Statements For Years Ended December 31 2017 2016 Sales Cost of goods sold Gross profit Operating expenses Operating income Other items $ 3,500,000 (1,600,000) $ 1,900,000 (1,300,000) $600,000 (200,000) $400,000 (120,000) $280,000 $4,600,000 (2,600,000) $2,000,000 (1,500,000) $500,000 100,000 $600,000 (180,000) $420,000 Income before income taxes Income tax expense (30%) Net Income The auditor of Tiger Company reviewed the accounting records and income statements and discovered the facts described in items 1 and 2 below. Al amounts incurred during 2016 and 2017 are included in the preceding statements. 1. Included in the category "Other Items" (along with other smaller miscellaneous items) were the following: a. A loss of $60,000 in 2016 that was considered to be both unusual and infrequent b. A $150,000 loss in 2017 from an unusually large write-down of inventory because of obsolescence C. A $250,000 gain in 2016 that was considered to be both unusual and infrequent 2. On July 1, 2017, Tiger has announced its intention to sell its backscratcher division. This division is considered a component of the company. Operating results for this division are included in the company's overall operating results for 2016 and 2017, as shown previously, and are as follows: 2017 2017 Check My Work Previous Next > Assingment 2 SHOW PREVIOUSIY TUGONS eBook Calculator DIVISION are included in the company's overall operating results for 2016 and 2017, 2017 2017 (7/1-12/31) (1/1-6/30) 2016 Sales $200,000 $400,000 $700,000 Cost of goods sold 300,000 320,000 290,000 Operating expenses 100,000 180,000 110,000 The division had not been sold by the end of 2017, so the company classified it as held for sale. The division consisted of the following items wil values on December 31, 2017: Item Book Value Fair Value Assets $720,000 450,000 $620,000 510,000 Liabilities Required: Prepare corrected comparative statements of income for 2017 and 2016 for the Tiger Company. Ignore earnings per share. TIGER COMPANY Comparative Statements of Income For Year Ended December 31 2017 Other items: Previa Check My Work ems Emal Instructor Save and Submit All work saved 55 eBook Calculator Required: Prepare corrected comparative statements of income for 2017 and 2016 for the Tiger Company. Ignore earnings per share. TIGER COMPANY Comparative Statements of Income For Year Ended December 31 Other items: Results from discontinued operations Check My Work ems All work saved. Email Instructor Save and Exit Sub