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 Crane Transport Corporation showed the following in Crane Transport's 2021 income statement: income before income taxes of $446,000; and unrealized loss on available-for-sale debt securities (before taxes) of $73,000. The unrealized loss and the income before income taxes are both subject to a 20% tax rate. Prepare a corrected partial income statement and a statement of comprehensive income CRANETRANSPORT CORPORATION Partial Income Statement and Statement of Comprehensive Income $

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