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For its fiscal year ending October 31, 2022, Monty Corp. reports the following partial data shown below. Income before income taxes $ 480,600 Income tax
For its fiscal year ending October 31, 2022, Monty Corp. reports the following partial data shown below. Income before income taxes $ 480,600 Income tax expense ( 20% * $ 373,800) 74,760 Income from continuing operations 405,840 Loss on discontinued operations 106,800 Net income $ 299,040 The loss on discontinued operations was comprised of a $ 44,500 loss from operations and a $ 62,300 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. MONTY CORP. Partial Statement of Comprehensive Income For the Year Ended October 31, 2022 Income Before Income Taxes 480600 Income Tax Expense 4 74760 Income from Continuing Operations 405840 Discontinued Operations Loss on Disposal $ Loss from Operations Net Income /(Loss) 299040
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