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

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter14: Property Transactions: Capital Gains And Losses, § 1231, And Recapture Provisions

Section: Chapter Questions

Problem 68P

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