60.1K

Verified Solution

Link Copied!

Exercise 18-13 Your answer is partially correct. Try again. Trayer Corporation has income from continuing operations of $298,000 for the year ended December 31, 2017. It also has the following items (before considering income taxes). 1. An unrealized loss of $86,000 on available for sale securities 2. A gain of $36,000 on the discontinuance of a division (comprised of a $12,000 loss from operations and a $18,000 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. Assume all items are subject to income taxes at a 17% tax rate. Prepare an income statement, beginning with income from continuing operations. TRAYER CORPORATION Partial Statement of Comprehensive Income For the Year Ended December 31, 2017 Income From Continuing Operations 298000 Discontinued Operations Gain from Disposal of Discontinued Division loss from operations of Discontinued Division ent Platy Policy I 20002019 John s on, Inc. All Rights Reserved. A vision of W o ns Inc DLL Open Assignment TESTE S ome screen, DO WITTCTTTTTTT COTTOTIT Oper TRAYER CORPORATION Partial Statement of Comprehensive Income For the Year Ended December 31, 2017 core Income From Continuing Operations 298000 Discontinued Operations Gain from Disposal of Discontinued Division Loss from Operations of Discontinued Division Net Income / (Loss) v Unrealized Loss on Available for Sale Securities Comprehensive Income (Loss) Click if you would like to show Work for this questions Open Show Work the 2000-2012 W on Age Reserved. A D os Sorin DELL

Answer & Explanation Solved by verified expert

See Answer