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Pharoah Corporation has income from continuing operations of $ 266,000 for the year ended December 31, 2022. It also has the following items (before considering
Pharoah Corporation has income from continuing operations of $ 266,000 for the year ended December 31, 2022. It also has the following items (before considering income taxes). 1. An unrealized loss of $ 76,000 on available-for-sale securities. 2. A gain of $ 35,000 on the discontinuance of a division (comprised of a $ 12,000 loss from operations and a $ 47,000 gain on disposal). Assume all items are subject to income taxes at a 15% tax rate. Prepare a partial income statement, beginning with income from continuing operations, and a statement of comprehensive income for the year ended December 31, 2022. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses eg. (2,945).) PHAROAH CORPORATION Income Statement (Partial) For the Year Ended December 31, 2022 Income from Continuing Operations $ Discontinued Operations Gain from Disposal, Net of Income Taxes $ Net Income /(Loss) $ Discontinued Operations Gain from Disposal, Net of Income Taxes $ Net Income /(Loss) $ PHAROAH CORPORATION Statement of Comprehensive Income $ W > $
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