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The Flounder Corporation had income from continuing operations of $13 million in 2020. During 2020, it disposed of its restaurant division at a loss
The Flounder Corporation had income from continuing operations of $13 million in 2020. During 2020, it disposed of its restaurant division at a loss of $82,000 (net of tax of $38,000). Before the disposal, the division operated at a loss of $218,000 (net of tax of $135,000) in 2020. Flounder also had an unrealized gain-OCI of $44,000 (net of tax of $18,000) related to its FV-OCI equity investments. Flounder had 10 million common shares outstanding during 2020. Prepare a partial statement of financial performance for Flounder, beginning with income from continuing operations.
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