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For its fiscal year ending October 31, 2017, Haas Corporation reports the following partial data shown below. Income before income taxes $540,000 Income tax expense
For its fiscal year ending October 31, 2017, Haas Corporation reports the following partial data shown below.
Income before income taxes | $540,000 | |
Income tax expense (20% $420,000) | 84,000 | |
Income from continuing operations | 456,000 | |
Loss on discontinued operations | 120,000 | |
Net income | $336,000 |
The loss on discontinued operations was comprised of a $50,000 loss from operations and a $70,000 loss from disposal. The income tax rate is 20% on all items. Prepare a correct statement of comprehensive income, beginning with income before income taxes.
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