Cook had the following nominal account items for the year ended 2016: Sales 1,000,000 COGS 215,600...

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Cook had the following nominal account items for the year ended 2016: Sales 1,000,000 COGS 215,600 Research and Development 14,000 Gain on Land Sale 35,500 Selling Expenses 240,000 Unrealized Foreign Currency 42,000 Translation Gain Unrealized Loss on Trading Securities 10,000 Preferred Stock Dividends 55,000 Unrealized Gain on AFS Securities 51,000 Common Stock Dividends 15,000 Labor strike loss (1st ever) 10,900 Dividend Revenue 17,800 Sales Discount 20,000 On-going Restructuring Costs 16,000 In 2015, Cook, Co. discontinued its Book division, but the disposal did not take place until 2016. In 2015, the Book division had a pretax operating income of $210,000. The Book division had a historical cost of $3,500,000 and Accumulated Depreciation of $2,100,000. At the end of 2015, the fair value of the Book division was $1,580,000 with an estimated cost of disposal of $300,000. In 2016, the Book division had a pretax operating income of $170,000. The sales price of the Book division was $1,480,000, but Cook had to pay $258,000 cost to sell the Book division. Income tax expense for the year has yet to be accrued. Cook's income tax rate is 25% on all items. Information about Common Shares: Classificatio Jan 1 Dec 31 n: Authorized 200,000 200,000 Issued 90,000 140,000 Outstanding 75,000 125,000 Determine Cook's Income from Operations. Cook had the following nominal account items for the year ended 2016: Sales 1,000,000 COGS 215,600 Research and Development 14,000 Gain on Land Sale 35,500 Selling Expenses 240,000 Unrealized Foreign Currency 42,000 Translation Gain Unrealized Loss on Trading Securities 10,000 Preferred Stock Dividends 55,000 Unrealized Gain on AFS Securities 51,000 Common Stock Dividends 15,000 Labor strike loss (1st ever) 10,900 Dividend Revenue 17,800 Sales Discount 20,000 On-going Restructuring Costs 16,000 In 2015, Cook, Co. discontinued its Book division, but the disposal did not take place until 2016. In 2015, the Book division had a pretax operating income of $210,000. The Book division had a historical cost of $3,500,000 and Accumulated Depreciation of $2,100,000. At the end of 2015, the fair value of the Book division was $1,580,000 with an estimated cost of disposal of $300,000. In 2016, the Book division had a pretax operating income of $170,000. The sales price of the Book division was $1,480,000, but Cook had to pay $258,000 cost to sell the Book division. Income tax expense for the year has yet to be accrued. Cook's income tax rate is 25% on all items. Information about Common Shares: Classificatio Jan 1 Dec 31 n: Authorized 200,000 200,000 Issued 90,000 140,000 Outstanding 75,000 125,000 Determine Cook's Income from Operations.

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Answer To calculate the comprehensive income for Cook Co for the year ended 2016 we need to consider ... View the full answer