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In its proposed 2022 income statement, Flounder Corp. reports income before income taxes $510,000, income taxes $102,000 (not including unusual items), loss on operation of
In its proposed 2022 income statement, Flounder Corp. reports income before income taxes $510,000, income taxes $102,000 (not including unusual items), loss on operation of discontinued music division $69,500, gain on disposal of discontinued music division $49,100, and unrealized loss on available-for-sale securities $162,000. The income tax rate is 20%. Prepare a correct partial income statement, beginning with income before income taxes, and a statement of comprehensive income for the year ended December 31, 2022. FLOUNDER CORP. Statement of Comprehensive Income $
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