Question
In its proposed 2020 income statement, Hrabik Corporation reports income before income taxes $496,000, income taxes $148,800 (not including unusual items), loss on operation of
In its proposed 2020 income statement, Hrabik Corporation reports income before income taxes $496,000, income taxes $148,800 (not including unusual items), loss on operation of discontinued music division $60,000, gain on disposal of discontinued music division $42,000, and unrealized loss on available-for-sale securities $141,000. The income tax rate is 30%. 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).)
Income before income taxes 496,000 Income tax expense 148,800 Income from continuing operations 347200 X Loss from operations of discontinued division Gain from operations of discontinued division (18000) X Loss from operations of discontinued division 12600 (5400) Net income / (loss) 341800 Other comprehensive income > Unrealized holding loss on available-for-sale securities 98700 Comprehensive income 243100
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