An inexperienced accountant for Crane Corporation showed the following in the income statement: net income $193,500 andunrealized gain on available-for-sale securities (before taxes) $94,900. The unrealized gain on available-for-sale securities is subject toa 25% tax ratePrepare a correct statement of comprehensive income. (Enter loss using either a negative sign preceding the number e.g. -2,945 orparentheses e.g. (2,945).)CRANE CORPORATIONStatement of Comprehensive Income>+A$

Step 1:Computations:CRANE CORPORATIONStatement of Comprehensive Income Net income$193,500Other…

Answered: An inexperienced accountant for Crane…

Financial Reporting, Financial Statement Analysis and Valuation

8th Edition

ISBN:9781285190907

Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Chapter6: Accounting Quality

Section: Chapter Questions

Problem 2IC

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An inexperienced accountant for Culver Corporation showed the following in the income statement: income before income taxes $395,000 and unrealized gain on available-for-sale securities (before taxes) $92,100. The unrealized gain on available-for-sale securities and income before income taxes are both subject to a 25% tax rate.Prepare a correct statement of comprehensive income. CULVER CORPORATIONPartial Statement of Comprehensive Income Select a comprehensive income item DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseOther Comprehensive IncomeUnrealized Holding Gain on Available-for-Sale SecuritiesIncome Before Income TaxesComprehensive Income $Enter a dollar amount Select a comprehensive income item DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome…
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