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For its fiscal year ending October 31, 2017, Pronghorn Corp reports the following partial data shown below. Income before income taxes $656,000 Income tax expense
For its fiscal year ending October 31, 2017, Pronghorn Corp reports the following partial data shown below.
Income before income taxes $656,000
Income tax expense (15% $485,000) 72,750
Income from continuing operations 583,250
Loss on discontinued operations 122,600
Net income $460,650
The loss on discontinued operations was comprised of a $48,500 loss from operations and a $74,100 loss from disposal. The income tax rate is 15% on all items. Prepare a correct statement of comprehensive income, beginning with income before income taxes.
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