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In its proposed 2022 income statement, Novak Corp.reports income before income taxes $475,000, income taxes $95,000 (not including unusual items), loss on operation of discontinued
In its proposed 2022 income statement, Novak Corp.reports income before income taxes $475,000, income taxes $95,000 (not including unusual items), loss on operation of discontinued music division $57,000, gain on disposal of discontinued music division $38,000, and unrealized loss on available-for-sale securities $142,500. The income tax rate is 20%. Prepare a correct statement of comprehensive income, beginning with income before income taxes. NOVAK CORP. Partial Statement of Comprehensive Income Income Before Income Taxes $ Income Tax Expense Income from Continuing Operations Discontinued Operations Loss from Operations of Music Division 57000 Gain from Disposal of Music Division 38000 Net Income /(Loss) Other Comprehensive Income frih nila Unrealized Holding Loss of Available-for-Sale Securities Comprehensive Income
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