Business, 06.07.2021 19:30 graymonky12
Trayer Corporation has income from continuing operations of $278,000 for the year ended December 31, 2020. It also has the following items (before considering income taxes).
1. An unrealized loss of $74,000 on available-for-sale securities.
2. A gain of $25,000 on the discontinuance of a division (comprised of a $19,000 loss from operations and a $44,000 gain on disposal).
3. A correction of an error in last year’s financial statements that resulted in a $13,000 understatement of 2016 net income.
Assume all items are subject to income taxes at a 15% tax rate.
Prepare a statement of comprehensive income, beginning with income from continuing operations.
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Trayer Corporation has income from continuing operations of $278,000 for the year ended December 31,...
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