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In its proposed 2020 income statement, Hrabik Corporation reports income before income taxes $493,000, income taxes $172,550 (not including unusual items), loss on operation of discontinued music division $58,000, gain on disposal of discontinued music division $38,000, and unrealized loss on available-for-sale securities $151,000. The income tax rate is 35%.

Prepare a correct statement of comprehensive income, beginning with income before income taxes. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).)

In its proposed 2020 income statement Hrabik Corporation reports income before income taxes 493000 income taxes 172550 not including unusual items loss on opera class=

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abiolataiwo2015

The correct statement of comprehensive income is $209,300

Hrabik Corporation Statement of comprehensive income (partial) For the year ended December 31, 2020

Income before income taxes $493,000

Less Income tax expense $172,550

Income from continuing operations $320,450

($493,000-$172,550)

Discontinued operations

Loss from operation of discontinued division ($37,700)

[$58,000×(1-35%)]

Gain  from disposal of discontinued division $24,700

[$38,000×(1-35%)]

($13,000)

Net Income $307,450

($320,450-$13,000)

Unrealized Loss  on available-for-sale Securities ($98,150)

[$151,000×(1-35%)]

Comprehensive income $209,300

($307,450-$98,150)

Inconclusion The correct statement of comprehensive income is $209,300

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