In its proposed 2020 income statement, Hrabik Corporation reports income before income taxes $ 505,000, income taxes $ 146,450 (not including unusual items), loss on operation of discontinued music division $ 58,000, gain on disposal of discontinued music division $ 40,000, and unrealized loss on available-for-sale securities $ 150,000. The income tax rate is 29%. Prepare a correct statement of comprehensive income, beginning with income before income taxes

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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In its proposed 2020 income statement, Hrabik Corporation reports income before income taxes $ 505,000, income taxes $ 146,450 (not including unusual items), loss on operation of discontinued music division $ 58,000, gain on disposal of discontinued music division $ 40,000, and unrealized loss on available-for-sale securities $ 150,000. The income tax rate is 29%.

Prepare a correct statement of comprehensive income, beginning with income before income taxes

 

HRABIK CORPORATION
Partial Statement of Comprehensive Income
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