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Trayer Corporation has income from continuing operations of $437,000 for the year ended December 31, 2017. It also has the following items (before considering income
Trayer Corporation has income from continuing operations of $437,000 for the year ended December 31, 2017. It also has the following items (before considering income taxes).
1. | An unrealized loss of $50,700 on available-for-sale securities. | |
2. | A gain of $24,000 on the discontinuance of a division (comprised of a $9,100 loss from operations and a $33,100 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 18% tax rate. Prepare a statement of comprehensive income, beginning with income from continuing operations.
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