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Trayer Corporation has income from continuing operations of $219,000 for the year ended December 31, 2017. It also has the following items (before considering income
Trayer Corporation has income from continuing operations of $219,000 for the year ended December 31, 2017. It also has the following items (before considering income taxes). 1. An unrealized loss of $72,600 on available-for-sale securities. 2. 3. A gain of $27,600 on the discontinuance of a division (comprised of a $6,400 loss from operations and a $34,000 gain on disposal). A correction of an error in last year's financial statements that resulted in a $20,000 understatement of 2016 net income. Assume all items are subject to income taxes at a 15% tax rate. Prepare a statement of comprehensive income, beginning with income from continuing operations. Income from Continuing Operations MARIGOLD CORP. Partial Statement of Comprehensive Income For the Year Ended December 31, 2017 Discontinued Operations Gain from Disposal Loss from Operations Net Income/(Loss) Other Comprehensive Income Unrealized Holding Loss of Available-for-Sale Securities Comprehensive Income 96000 6400 $ 219000 27600 240600 72600
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