Trayer Corporation has income from continuing operations of $256,000 for the year ended December 31, 2017. It also has the following items (before considering income taxes).

1. An unrealized loss of $86,000 on available-for-sale securities

2. A gain of $32,000 on the discontinuance of a division (comprised of a $18,000 loss from operations and a $50,000 gain on disposal).

3. A correction of an error in last years financial statements that resulted in a $30,000 understatement of 2016 net income. Assume all items are subject to income taxes at a 25% tax rate.

Prepare an income statement, beginning with income from continuing operations. TRAYER CORPORATION Partial Statement of Comprehensive Income Discontinued Operations Dividends Expenses Unrealized Loss on Available for Sale Securities Extraordinary Loss Gain from Disposal of Discontinued Division Loss from Operations of Discontinued Division Income From Continuing Operations Income Tax Expense Loss from Operations of Music Division Comprehensive Income / (Loss) Retained Earnings Total Expenses Unrealized Gain on Available for Sale Securities Loss from Disposal of Discontinued Division Gain from Operations of Discontinued Division Net Income / (Loss) quest