Concord Corporation has income from continuing operations of $266,000 for the year ended December 31, 2022. It also has the following items (before considering income taxes). 1. An unrealized loss of $84,000 on available-for-sale securities. 2. Again of $27,000 on the discontinuance of a division (comprised of a $16,000 loss from operations and a $43,000 gain on disposal). Assume all items are subject to income taxes at a 21% tax rate. Prepare a partial income statement, beginning with income from continuing operations, and a statement of comprehensive income. (Enter loss using either a negative sign preceding the number eg. -2,945 or parentheses es. (2,945))

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Question 1 of 5
Concord Corporation has income from continuing operations of $266,000 for the year ended December 31, 2022. It also has the following items (before considering income taxes).
1.
2
An unrealized loss of $84,000 on available-for-sale securities.
A gain of $27,000 on the discontinuance of a division (comprised of a $16,000 loss from operations and a $43,000 gain on disposal).
Assume all items are subject to income taxes at a 21% tax rate.
>
Prepare a partial income statement, beginning with income from continuing operations, and a statement of comprehensive income. (Enter loss using either a negative sign preceding the number eg. -2,945 or parentheses e.g. (2,945).)
Income from Continuing Operations
Discontinued Operations
Gain from Disposal, Net of Income Taxes
Net Income /(Loss)
Loss from Operations, Net of Income Tax Savings
Net Income /(Loss)
Other Comprehensive Income
CONCORD CORPORATION
Income Statement (Partial)
For the Year Ended December 31, 2022
Comprehensive Income/(Loss)
CONCORD CORPORATION
Statement of Comprehensive Income
For the Year Ended December 31, 2022
Unrealized Holding Gain on Available-for-Sale Securities ✓
27000
(5670)
$
$
266000
S
21330
287330
DO A
287330
(84000)
203330
Transcribed Image Text:Question 1 of 5 Concord Corporation has income from continuing operations of $266,000 for the year ended December 31, 2022. It also has the following items (before considering income taxes). 1. 2 An unrealized loss of $84,000 on available-for-sale securities. A gain of $27,000 on the discontinuance of a division (comprised of a $16,000 loss from operations and a $43,000 gain on disposal). Assume all items are subject to income taxes at a 21% tax rate. > Prepare a partial income statement, beginning with income from continuing operations, and a statement of comprehensive income. (Enter loss using either a negative sign preceding the number eg. -2,945 or parentheses e.g. (2,945).) Income from Continuing Operations Discontinued Operations Gain from Disposal, Net of Income Taxes Net Income /(Loss) Loss from Operations, Net of Income Tax Savings Net Income /(Loss) Other Comprehensive Income CONCORD CORPORATION Income Statement (Partial) For the Year Ended December 31, 2022 Comprehensive Income/(Loss) CONCORD CORPORATION Statement of Comprehensive Income For the Year Ended December 31, 2022 Unrealized Holding Gain on Available-for-Sale Securities ✓ 27000 (5670) $ $ 266000 S 21330 287330 DO A 287330 (84000) 203330
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