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For its fiscal year ending October 31, 2017, Monty Corp. reports the following partial data shown below. Income before income taxes Income tax expense (17%
For its fiscal year ending October 31, 2017, Monty Corp. reports the following partial data shown below. Income before income taxes Income tax expense (17% x $561,000) Income from continuing operations Loss on discontinued operations Net income $645,000 95,370 549,630 119,000 $430,630 The loss on discontinued operations was comprised of a $49,700 loss from operations and a $69,300 loss from disposal. The income tax rate is 17% on all items. Prepare a correct statement of comprehensive income, beginning with income before income taxes. MONTY CORP. Partial Statement of Comprehensive Income For the Year Ended October 31, 2017 * Income Before Income Taxes J 645000 T Income Tax Expense 109650 | Income from Continuing Operations 1 535350 7 Discontinued Operations Loss on Disposal 49700 T Loss from Operations 69300 T 98770 T Net Income / (Loss) 436580 Click if you would like to Show Work for this question: Open Show Work
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