Trayer Corporation has income from continuing operations of $254,000 for the year ended December 31, 2020. It also has the following items (before considering income taxes). 1. An unrealized loss of $77,000 on available-for-sale securities. 2. A gain of $27,000 on the discontinuance of a division (comprised of a $15,000 loss from operations and a $42,000 gain on disposal). Assume all items are subject to income taxes at a 20% tax rate. Prepare a statement of comprehensive income, beginning with income from continuing operations. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).)
Trayer Corporation has income from continuing operations of $254,000 for the year ended December 31, 2020. It also has the following items (before considering income taxes). 1. An unrealized loss of $77,000 on available-for-sale securities. 2. A gain of $27,000 on the discontinuance of a division (comprised of a $15,000 loss from operations and a $42,000 gain on disposal). Assume all items are subject to income taxes at a 20% tax rate. Prepare a statement of comprehensive income, beginning with income from continuing operations. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).)
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter18: Accounting For Income Taxes
Section: Chapter Questions
Problem 12P: Comprehensive Colt Company reports pretax financial income of 143,000 in 2019. In addition to pretax...
Related questions
Question
Trayer Corporation has income from continuing operations of $254,000 for the year ended December 31, 2020. It also has the following items (before considering income taxes).
| 1. | An unrealized loss of $77,000 on available-for-sale securities. | |
| 2. | A gain of $27,000 on the discontinuance of a division (comprised of a $15,000 loss from operations and a $42,000 gain on disposal). |
Assume all items are subject to income taxes at a 20% tax rate.
Prepare a statement of comprehensive income, beginning with income from continuing operations. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning