General accounting An inexperienced accountant for Silva Corporationshowed the following in the income statement:income before income taxes of $450,000 andunrealized gain on available-for-sale securities(before taxes) of $70,000. The unrealized gain onavailable-for-sale securities and income beforeincome taxes are both subject to a 25% tax rate.Prepare a correct statement of comprehensiveincome.

Income Before Income Taxes:This is the amount of income the company earned before accounting for…

Answered: An inexperienced accountant for Silva…

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

Chapter7: Financial Activities

Section: Chapter Questions

Problem 3AIC

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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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