Exercise 18-02

Exercise 18-02 Your answer is partially correct. Try again. Trayer Corporation has income from continuing operations of $294,000 for the year ended December 31, 2020. It also has the following items (before considering income taxes). 1. An unrealized loss of $88,000 on available-for-sale securities. 2. A gain of $33,000 on the discontinuance of a division (comprised of a $16,000 loss from operations and a $49,000 gain on disposal) Assume all items are subject to income taxes at a 16% tax rate. Prepare a statement of comprehensive income, beginning with income from continuing operations. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g.(2,945).) TRAYER CORPORATION Partial Statement of Comprehensive Income For the Year Ended December 31, 2020 Income from Continuing Operations 294000 Loss from Disposal of Discontinued Division 13440 Gain from Operations of Discontinued Division 41160 27720 Net Income/ (Loss) 321720 Other Comprehensive Income Unrealized Holding Gain on Available-for-Sale Securities 73920 Other Comprehensive Income 247800