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 $72,000 on available-for-sale securities
2.		A gain of $33,000 on the discontinuance of a division (comprised of a $13,000 loss from operations and a $46,000 gain on disposal).
3.		A correction of an error in last year’s financial statements that resulted in a $29,000 understatement of 2016 net income.

Assume all items are subject to income taxes at a 21% tax rate.

(a) Prepare an income statement, beginning with income from continuing operations.

 

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