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Flounder Corp. has income from continuing operations of $424,000 for the year ended December 31, 2020. It also has the following items (before considering income
Flounder Corp. has income from continuing operations of $424,000 for the year ended December 31, 2020. It also has the following items (before considering income taxes).
1. An unrealized loss of $60,300 on available-for-sale securities.
2. A gain of $33,400 on the discontinuance of a division (comprised of a $7,300 loss from operations and a $40,700 gain on disposal).
Assume all items are subject to income taxes at a 19% tax rate.
Prepare a statement of comprehensive income, beginning with income from continuing operations.
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