Question
Trayer Corporation has income from continuing operations of $294,000 for the year ended December 31, 2017. It also has the following items (before considering income
Trayer Corporation has income from continuing operations of $294,000 for the year ended December 31, 2017. It also has the following items (before considering income taxes).
1. An unrealized loss of $83,000 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).
3. A correction of an error in last year's financial statements that resulted in a $14,000 understatement of 2016 net income.
Assume all items are subject to income taxes at a 25% tax rate.
What would be the statement of comprehensive income, beginning with income from continuing operations for this information?
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