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FULL SCREEN Exercise 18-13 Trayer Corporation has income from continuing operations of $298,000 for the year ended December 31, 2017. It also has the following
FULL SCREEN Exercise 18-13 Trayer Corporation has income from continuing operations of $298,000 for the year ended December 31, 2017. It also has the following items (before considering income taxes) 1. An unrealized loss of $86,000 on available-for-sale securities 2. A gain of $36,000 on the discontinuance of a division (comprised of a $12,000 loss from operations and a $48,000 gain on disposal). 3. A correction of an error in last year's financial statements that resulted in a $13,000 understatement of 2016 net income. Assume all items are subject to income taxes at a 17% tax rate. Prepare an income statement, beginning with income from continuing operations
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