Pina Colada Corp. has income from continuing operations of $413,000 for the year ended December 31, 2022. It also has the following items (before considering income taxes). 1. An unrealized loss of $64,600 on available-for-sale securities. 2. A gain of $26,400 on the discontinuance of a division (comprised of a $9,100 loss from operations and a $35,500 gain on disposal). Assume all items are subject to income taxes at a 20% tax rate. Prepare a partial income statement, beginning with income from continuing operations, and a statement of comprehensive income. PINA COLADA CORP. Partial Income Statement choose the accounting period select an income statement item $enter a dollar amount select an income statement item select an income statement item $enter a dollar amount select an income statement item enter a dollar amount enter a subtotal of the two previous amounts select an income statement item enter a total amount for the first part PINA COLADA CORP. Statement of Comprehensive Income choose the accounting period select an income statement item enter a dollar amount select an income statement item select an income statement item enter a dollar amount select an income statement item $enter a total amount for this statement

Pina Colada Corp. has income from continuing operations of $413,000 for the year ended December 31, 2022. It also has the following items (before considering income taxes). 1. An unrealized loss of $64,600 on available-for-sale securities. 2. A gain of $26,400 on the discontinuance of a division (comprised of a $9,100 loss from operations and a $35,500 gain on disposal). Assume all items are subject to income taxes at a 20% tax rate. Prepare a partial income statement, beginning with income from continuing operations, and a statement of comprehensive income. PINA COLADA CORP. Partial Income Statement choose the accounting period select an income statement item $enter a dollar amount select an income statement item select an income statement item $enter a dollar amount select an income statement item enter a dollar amount enter a subtotal of the two previous amounts select an income statement item enter a total amount for the first part PINA COLADA CORP. Statement of Comprehensive Income choose the accounting period select an income statement item enter a dollar amount select an income statement item select an income statement item enter a dollar amount select an income statement item $enter a total amount for this statement

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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Question

Pina Colada Corp. has income from continuing operations of $413,000 for the year ended December 31, 2022. It also has the following items (before considering income taxes).

1.		An unrealized loss of $64,600 on available-for-sale securities.
2.		A gain of $26,400 on the discontinuance of a division (comprised of a $9,100 loss from operations and a $35,500 gain on disposal).

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

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

PINA COLADA CORP. Partial Income Statement choose the accounting period
select an income statement item		$enter a dollar amount
select an income statement item
select an income statement item	$enter a dollar amount
select an income statement item	enter a dollar amount
		enter a subtotal of the two previous amounts
select an income statement item		enter a total amount for the first part

PINA COLADA CORP. Statement of Comprehensive Income choose the accounting period
select an income statement item				enter a dollar amount
select an income statement item
select an income statement item				enter a dollar amount
select an income statement item				$enter a total amount for this statement

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