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Trayer Corporation has income from continuing operations of $278,000 for the year ended December 31, 2017. It also has the following items (before considering income
Trayer Corporation has income from continuing operations of $278,000 for the year ended December 31, 2017. It also has the following items (before considering income taxes).
1. | An unrealized loss of $74,000 on available-for-sale securities. | |
2. | A gain of $25,000 on the discontinuance of a division (comprised of a $19,000 loss from operations and a $44,000 gain on disposal). | |
3. | A correction of an error in last years financial statements that resulted in a $13,000 understatement of 2016 net income. |
Assume all items are subject to income taxes at a 15% tax rate. (a) Prepare a statement of comprehensive income, beginning with income from continuing operations.
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