repare an income statement, beginning with income from continuing operations.

Exercise 18-13 Trayer Corporation has income from continuing operations of $268,000 for the year ended December 31, 2017. It also has the following items (before considering income taxes). I. An unrealized loss of $74,000 on available-forsale securities 2. A gain of $35,000 on the discontinuance of a division (comprised of a $12,000 loss from operations and a $47,000 gain on disposal). 3. A correction of an error in last year's financial statements that resulted in a $24,000 understatement of 2016 net income. Assume all items are subject to income taxes at a 23% tax rate. Prepare an income statement, beginning with income from continuing operations. TRAVER CORPORATION of IIRon For the Year Ended December 31 Discontinued O erations Com rehensive Income/ Loss 2017