Trayer Corporation has income from continuing operations of $389,000 for the year ended December 31, 2017. It also has the following items (before considering income taxes). 1. An unrealized loss of $87,000 on available-for-sale securities. A gain of $40,700 on the discontinuance of a division (comprised of a $7.400 loss from operations and a $48,100 gain on disposal). A correction of an error in last year's financial statements that resulted in a $20,000 understatement of 2016 net income. Assume all items are subject to income taxes at a 17% tax rate Prepare a statement of comprehensive income, beginning with income from continuing operations
Trayer Corporation has income from continuing operations of $389,000 for the year ended December 31, 2017. It also has the following items (before considering income taxes). 1. An unrealized loss of $87,000 on available-for-sale securities. A gain of $40,700 on the discontinuance of a division (comprised of a $7.400 loss from operations and a $48,100 gain on disposal). A correction of an error in last year's financial statements that resulted in a $20,000 understatement of 2016 net income. Assume all items are subject to income taxes at a 17% tax rate Prepare a statement of comprehensive income, beginning with income from continuing operations
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:FLINT CORPORATION
Partial Statement of Comprehensive Income
Transcribed Image Text:Trayer Corporation has income from continuing operations of $389,000 for the year ended December 31, 2017. It also has the
following items (before considering income taxes).
1.
An unrealized loss of $87,000 on available-for-sale securities.
2.
A gain of $40,700 on the discontinuance of a division (comprised of a $7.400 loss from operations and a $48,100 gain on
disposal).
3.
A correction of an error in last year's financial statements that resulted in a $20,000 understatement of 2016 net income.
Assume all items are subject to income taxes at a 17% tax rate.
Prepare a statement of comprehensive income, beginning with income from continuing operations.
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