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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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