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Trayer Corporation has income from continuing operations of $ 290,000 for the year ended December 31, 2022. It also has the following items (before considering
Trayer Corporation has income from continuing operations of $ 290,000 for the year ended December 31, 2022. It also has the following items (before considering income taxes). 1. An unrealized loss of $ 80,000 on available-for-sale securities. 2. A gain of $ 30,000 on the discontinuance of a division (comprised of a $10,000 loss from operations and a $ 40,000 gain on disposal). Assume all items are subject to income taxes at a 20% 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).) TRAYER CORPORATION Income Statement (Partial) For the Year Ended December 31, 2022 Income from Continuing Operations $ 290000 Discontinued Operations Gain from Disposal, Net of Income Taxes 24000 Loss from Operations of Music Division 314000 64000 Net Income /(Loss) $ 250000 TRAYER CORPORATION Statement of Comprehensive Income For the Ouarter Ended December 31.2022 Income from Continuing Operations $ 290000 Gain from Operations of Discontinued Division Extraordinary Loss 24000 DO Net Income /(Loss) $ 250000
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