Lake of the Prairies Inc. (LOTP) reported the following pre-tax amounts for the year ended June...
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Lake of the Prairies Inc. (LOTP) reported the following pre-tax amounts for the year ended June 30, 2021: . ● ● Loss on disposal of assets of discontinued operations, $600,000 Other comprehensive income, holding gain on an equity investment of $670,000 LOTP's effective income tax rate is 20%. Profit before income tax (on continuing operations), $3,200,000 Loss from discontinued operations, $850,000 . Instructions: Prepare a statement of comprehensive income, beginning with income from continuing operations. Round amounts to the nearest dollar. Show ALL calculations for full marks. Lake of the Prairies Inc. (LOTP) reported the following pre-tax amounts for the year ended June 30, 2021: . ● ● Loss on disposal of assets of discontinued operations, $600,000 Other comprehensive income, holding gain on an equity investment of $670,000 LOTP's effective income tax rate is 20%. Profit before income tax (on continuing operations), $3,200,000 Loss from discontinued operations, $850,000 . Instructions: Prepare a statement of comprehensive income, beginning with income from continuing operations. Round amounts to the nearest dollar. Show ALL calculations for full marks.
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Related Book For
Essentials of Accounting for Governmental and Not-for-Profit Organizations
ISBN: 978-0073527055
10th Edition
Authors: Paul A. Copley
Posted Date:
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