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Exercise 18-13 Trayer Corporation has income from continuing operations of $260,000 for the year ended December 31, 2017. It also has the following items (before
Exercise 18-13 Trayer Corporation has income from continuing operations of $260,000 for the year ended December 31, 2017. It also has the following items (before considering income taxes). 1 An unrealized loss of $84,000 on available-for-sale securities 2. A gain of $25,000 on the discontinuance of a division (comprised of a $15,000 loss from operations and a $40,000 gain on disposal) 3. A correction of an error in last year's financial statements that resulted in a $12,000 understatement of 2016 net income. Assume all items are subject to income taxes at a 16% tax rate Prepare an income statement, beginning with income from continuing operations TRAYER CORPORATION Partial Statement of Comprehensive Income Click if you would like to Show Work for this question: Open Show Work
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