For its fiscal year ending October 31, 2018, Haas Corporation reports the following partial data shown below.

Income before income taxes 540,000

Income tax expense (20%x420,000) 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 item.

(a) Prepare a correct statement of comprehensive beginning with income before income taxes.

Partial Statement of Comprehensive Income

Income before income taxes ___

Income tax expense ___

Net income ___

Discontinued Operations

Loss from operations, net of $10,000, income tax savings ____

Loss on Disposal, net of $14,000, income tax savings ___

Net income ___

(b) Explain why the income statement date are misleading.