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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 eg.-2,945 or parentheses eg. (2,945).) SUNLAND CORPORATION Income Statement (Partial) %24 %24 SUNLAND CORPORATION Statement of Comprehensive Income

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 eg.-2,945 or parentheses eg. (2,945).) SUNLAND CORPORATION Income Statement (Partial) %24 %24 SUNLAND CORPORATION Statement of Comprehensive Income

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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**Current Attempt in Progress** 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 - Unrealized loss on available-for-sale securities: $155,000 The income tax rate is 33%. **Instructions:** 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)* | Description | Amount | |-------------|--------| | | $ | | | $ | | | $ | | | $ | | | $ | --- **SUNLAND CORPORATION** *Statement of Comprehensive Income* | Description | Amount | |-------------|--------| | | $ | | | $ | | | $ | | | $ | | | $ | --- **Note:** Blank lines indicate areas for entry of specific figures relevant to calculating the income statement and comprehensive income.
Transcribed Image Text:**Current Attempt in Progress** 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 - Unrealized loss on available-for-sale securities: $155,000 The income tax rate is 33%. **Instructions:** 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)* | Description | Amount | |-------------|--------| | | $ | | | $ | | | $ | | | $ | | | $ | --- **SUNLAND CORPORATION** *Statement of Comprehensive Income* | Description | Amount | |-------------|--------| | | $ | | | $ | | | $ | | | $ | | | $ | --- **Note:** Blank lines indicate areas for entry of specific figures relevant to calculating the income statement and comprehensive income.
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