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For its fiscal year ending October 31, 2017, Flint Corporation reports the following partial data shown below. Income before income taxes $ 508,000 Income tax
For its fiscal year ending October 31, 2017, Flint Corporation reports the following partial data shown below.
Income before income taxes | $ 508,000 | |
Income tax expense ( 23% $ 622,000) | 143,060 | |
Income from continuing operations | 364,940 | |
Loss on discontinued operations | 116,500 | |
Net income | $ 248,440 |
The loss on discontinued operations was comprised of a $ 45,200 loss from operations and a $ 71,300 loss from disposal. The income tax rate is 23% on all items. Prepare a correct statement of comprehensive income, beginning with income before income taxes.
FLINT CORPORATION Partial Statement of Comprehensive IncomeStep by Step Solution
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