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In its proposed 2020 income statement, Hrabik Corporation reports income before income taxes $493,000, income taxes $172,550 (not including unusual items), loss on operation of
In its proposed 2020 income statement, Hrabik Corporation reports income before income taxes $493,000, income taxes $172,550 (not including unusual items), loss on operation of discontinued music division $58,000, gain on disposal of discontinued music division $38,000, and unrealized loss on available-for-sale securities $151,000. The income tax rate is 35%. Prepare a 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 Income tax expense Income from continuing operations Net income (loss) Loss from operations of discontinued division Gain from disposal of discontinued division Net income / (loss) Unrealized holding loss on available-for-sale securities Comprehensive income
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