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Sheridan Corporation has income from continuing operations of $270,000 for the year ended December 31, 2022. It also has the following items (before considering income
Sheridan Corporation has income from continuing operations of $270,000 for the year ended December 31, 2022. It also has the following items (before considering income taxes). 1. An unrealized loss of $79,000 on available-for-sale securities. 2. Again of $24,000 on the discontinuance of a division (comprised of a $20,000 loss from operations and a $44,000 gain on disposal). Assume all items are subject to income taxes at a 21% 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 e.g. (2,945).) SHERIDAN CORPORATION Income Statement (Partial) $ $ SHERIDAN CORPORATION Statement of Comprehensive Income $ $
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