Prepare a corrected partial income statement and a statement of comprehensive income
Prepare a corrected partial income statement and a statement of comprehensive income
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter18: Accounting For Income Taxes
Section: Chapter Questions
Problem 9MC: Brooks Company reported a prior period adjustment of 512,000 in pretax financial "income" and...
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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 $
![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
Income before income taxes
Income tax expense
Net income/(loss)
Other comprehensive income
Unrealized holding gain
Comprehensive income
$
$
A
446000
-89200 i
356800
58400 i](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fce3d614c-45c7-44df-90d5-f4ca61f598de%2F9e0f4d3f-7952-4472-9e41-1debdbe60eb8%2Frxqwg48_processed.png&w=3840&q=75)
Transcribed Image Text: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
Income before income taxes
Income tax expense
Net income/(loss)
Other comprehensive income
Unrealized holding gain
Comprehensive income
$
$
A
446000
-89200 i
356800
58400 i
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