Question
Trayer Corporation has income from continuing operations of $424,000 for the year ended December 31, 2017. It also has the following items (before considering income
Trayer Corporation has income from continuing operations of $424,000 for the year ended December 31, 2017. It also has the following items (before considering income taxes). 1. An unrealized loss of $60,300 on available-for-sale securities. 2. A gain of $33,400 on the discontinuance of a division (comprised of a $7,300 loss from operations and a $40,700 gain on disposal). 3. A correction of an error in last years financial statements that resulted in a $20,000 understatement of 2016 net income. Assume all items are subject to income taxes at a 19% tax rate. Prepare a statement of comprehensive income, beginning with income from continuing operations.
FLOUNDER CORP. Partial Statement of Comprehensive Income For the Year Ended December 31, 2017 Income from Continuing Operations 424000 Discontinued Operations Loss from Operations -7300 Gain from Disposal 40700 Income Tax Expense 80560 Other Comprehensive Income Unrealized Holding Loss of Available-for-Sale Securities 60300 Comprehensive Income Click if you would like to Show Work for this question: Open Show WorkStep by Step Solution
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