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Prepare a partial income statement & statement of comprehensive income During 2025, Pharoah Corporation had the following amounts, all before calculating tax effects: income before
Prepare a partial income statement & statement of comprehensive income
During 2025, Pharoah Corporation had the following amounts, all before calculating tax effects: income before income taxes $650,000, loss on operation of discontinued music division $78,000, gain on disposal of discontinued music division $52,000, and unrealized loss on available-for-sale securities $195,000. The income tax rate is 20%. Prepare a partial income statement, beginning with income before income taxes for the year ended December 31, 2025. Prepare a statement of comprehensive income for the year ended December 31, 2025. Income Before Income Taxes Comprehensive Income Discontinued Operations Dividends Expenses Gain from Disposal of Music Division Income Before Income Taxes Income from Continuing Operations Income Tax Expense Loss from Operations of Music Division Net Income / (Loss) Other Comprehensive Income Retained Earnings Revenue Total Expenses Total Revenues Unrealized Loss of Available-for-Sale Securities Prepare a statement of comprehensive income for the yearStep by Step Solution
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