question trayer corporation has income from continuing operations of 278 000 for the 4288930
Question
Trayer Corporation has income from continuing operations of$278,000 for the year ended December 31, 2017. It also has thefollowing items (before considering income taxes).
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1. |
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An unrealized loss of $74,000 on available-for-salesecurities. |
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2. |
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A gain of $25,000 on the discontinuance of a division(comprised of a $19,000 loss from operations and a $44,000 gain ondisposal). |
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3. |
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A correction of an error in last year’s financial statementsthat resulted in a $13,000 understatement of 2016 net income. |
Assume all items are subject to income taxes at a 15% taxrate.
(a)
Prepare a statement of comprehensive income, beginning with incomefrom continuing operations.