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question trayer corporation has income from continuing operations of 294 000 for the 4288952

Question

Trayer Corporation has income from continuing operations of $294,000 for the year ended December 31, 2017. It also has the following items (before considering income taxes).

Assume all items are subject to income taxes at a 16% tax rate.

1.

 

An unrealized loss of $88,000 on available-for-sale securities.

2.

 

A gain of $33,000 on the discontinuance of a division (comprised of a $16,000 loss from operations and a $49,000 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.

 

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