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  3. in its proposed 2022 income statement, sheffield c

In its proposed 2022 income statement, Sheffield Corp.reports income before income taxes $625,000, income taxes...

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Accounting

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In its proposed 2022 income statement, Sheffield Corp.reports income before income taxes $625,000, income taxes $125,000 (not including unusual items), loss on operation of discontinued music division $75,000, gain on disposal of discontinued music division $50,000, and unrealized loss on available-for-sale securities $187,500. The income tax rate is 20%. Prepare a correct statement of comprehensive income, beginning with income before income taxes. SHEFFIELD CORP Partial Statement of Comprehensive Income Income Before Income Taxes IA 625000 Income Tax Expense - 125000 i Income from Continuing Operations 500000 Discontinued Operations Loss from Operations of Music Division GA 56250 Gain from Disposal of Music Division

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