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In 2020, Cheerios, Inc. had the following infrequent transactions: $208,000 loss on the write-down of inventories $79,000 adjustment of accruals on vacation wages payable $516,000

In 2020, Cheerios, Inc. had the following infrequent transactions:

  • $208,000 loss on the write-down of inventories
  • $79,000 adjustment of accruals on vacation wages payable
  • $516,000 holding gain from stock portfolio investments held as available for sale securities
  • $603,000 gain on the sale of equipment used in companys manufacturing process
  • $65,000 write-off of obsolete inventory
  • $22,000 loss on the sale of land held as an investment
  • $67,000 uninsured loss due to storm damage from a tornado

If Cheerios tax rate is 30%, What should Cheerios report as total Other Gains and Losses on its 2022 Income Statement?

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