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…

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter6: Accounting For Financial Management

Section: Chapter Questions

Problem 3P

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