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In its proposed 2020 income statement, Hrabik Corporation reports income before income taxes $492,000, income taxes $172,200 (not including unusual items), loss on operation of
In its proposed 2020 income statement, Hrabik Corporation reports income before income taxes $492,000, income taxes $172,200 (not including unusual items), loss on operation of discontinued music division $56,000, gain on disposal of discontinued music division $40,000, and unrealized loss on available-for-sale securities $154,000. The income tax rate is 35%. Prepare correct statement of comprehensive income, beginning with income before income taxes. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).) HRABIK CORPORATION Partial Statement of Comprehensive Income Income before income taxes 492,000 Income tax expense 172,200 Income from continuing operations 319,800 Discontinued operations X Loss from operations of discontinued division 36,4001 Gain from disposal of discontinued division 26,000 309,400 Net income / (loss) Unrealized holding loss on available-for-sale securities Unrealized gain on available-for-sale securities IO Comprehensive income
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