During 2022, Sunland Corporation had the following amounts, all before calculating tax effects: income before income taxes $490,000, loss on operation of discontinued music division $64,000, gain on disposal of discontinued music division $45,000, and unrealized loss on available-for-sale securities $155,000. The income tax rate is 33%. Prepare a partial income statement, beginning with income before income taxes, and a statement of comprehensive income for the year ended December 31, 2022. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).) SUNLAND CORPORATION Income Statement (Partial)
During 2022, Sunland Corporation had the following amounts, all before calculating tax effects: income before income taxes $490,000, loss on operation of discontinued music division $64,000, gain on disposal of discontinued music division $45,000, and unrealized loss on available-for-sale securities $155,000. The income tax rate is 33%. Prepare a partial income statement, beginning with income before income taxes, and a statement of comprehensive income for the year ended December 31, 2022. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).) SUNLAND CORPORATION Income Statement (Partial)
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 56P
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