Question 40 (18 points) Carmel Inc. follows IFRS and has the following amounts for the...
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Question 40 (18 points) Carmel Inc. follows IFRS and has the following amounts for the year ended December 31, 2020: revenue, $720,000; expenses, $300,000; unrealized holding gain on FV-OCI investments (not recycled), $12,000; gain on sale of FV-NI investments, $18,000; loss from operation of discontinued division (net of tax), $24,000; loss from disposal of discontinued division (net of tax), $50,000. Assume a 25% tax rate. Required: Prepare a multiple-step income statement for 2020, in good form, based on the information above. Ignore EPS calculations
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