Flounder Corp. has income from continuing operations of $246,500 for the year ended December 31, 2022. It also has the following items (before considering income taxes).

1. An unrealized loss of $68,000 on available-for-sale securities.

2. A gain of $25,500 on the discontinuance of a division (comprised of a $8,500 loss from operations and a $34,000 gain on disposal).

Assume all items are subject to income taxes at a 20% tax rate.

Prepare a statement of comprehensive income, beginning with income from continuing operations.

FLOUNDER CORP.
Partial Statement of Comprehensive Income
choose the accounting period                                                          For the Year Ended December 31, 2022December 31, 2022For the Month Ended December 31, 2022

select a comprehensive income item                                                          DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations

$enter a dollar amount

select a comprehensive income item                                                          DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations

select a comprehensive income item                                                          DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations

$enter a dollar amount

select a comprehensive income item                                                          DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations

enter a dollar amount

enter a subtotal of the two previous amounts

select a summarizing line for the first part                                                          DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations

enter a total net income or loss amount

select an opening section name                                                          DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations

select a comprehensive income item                                                          DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations

enter a dollar amount

select a closing name for this statement                                                          DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations

$enter a total amount for this statement

Question

Flounder Corp. has income from continuing operations of $246,500 for the year ended December 31, 2022. It also has the following items (before considering income taxes).

1.		An unrealized loss of $68,000 on available-for-sale securities.
2.		A gain of $25,500 on the discontinuance of a division (comprised of a $8,500 loss from operations and a $34,000 gain on disposal).

Assume all items are subject to income taxes at a 20% tax rate.

Prepare a statement of comprehensive income, beginning with income from continuing operations.

FLOUNDER CORP. Partial Statement of Comprehensive Income choose the accounting period For the Year Ended December 31, 2022December 31, 2022For the Month Ended December 31, 2022
select a comprehensive income item DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations		$enter a dollar amount
select a comprehensive income item DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations
select a comprehensive income item DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations	$enter a dollar amount
select a comprehensive income item DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations	enter a dollar amount
		enter a subtotal of the two previous amounts
select a summarizing line for the first part DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations		enter a total net income or loss amount
select an opening section name DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations
select a comprehensive income item DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations		enter a dollar amount
select a closing name for this statement DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseIncome Before Income TaxesDiscontinued OperationsLoss from OperationsGain from DisposalOther Comprehensive IncomeComprehensive IncomeUnrealized Holding Loss of Available-for-Sale SecuritiesIncome from Continuing Operations		$enter a total amount for this statement

Accepted Answer

Comprehensive Income includes Income statement and the other comprehensive income for the period…