Sparky Company is preparing its 2016 financial statements. Income from Continuing Operations (ICO) for 2016 was...

 

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Sparky Company is preparing its 2016 financial statements. Income from Continuing Operations (ICO) for 2016 was determine d to be $1,000,000, but upon further review, Sparky's bookkeeper is not certain this number is accurate. During 2016, Sparky declared preferred dividends of $70,000, paid $90,000 for dividends, and received $135,000 for dividend s on available-for-sale equity securities. The bookkeeper did not include any of these when calculating ICO. Determine the ADJUSTMENT to Sparky's Income from Continuing Operations (ICO) for this item. Sparky has a corporate tax rate of 30%. If you need to increase ICO, enter your answer as a positive number; for instance: 3000 If you need to decrease ICO, enter your answer as a negative number; for instance: -3000 If you determine no change is needed to ICO; enter 0 Sparky Company is preparing its 2016 financial statements. Income from Continuing Operations (ICO) for 2016 was determine d to be $1,000,000, but upon further review, Sparky's bookkeeper is not certain this number is accurate. During 2016, Sparky declared preferred dividends of $70,000, paid $90,000 for dividends, and received $135,000 for dividend s on available-for-sale equity securities. The bookkeeper did not include any of these when calculating ICO. Determine the ADJUSTMENT to Sparky's Income from Continuing Operations (ICO) for this item. Sparky has a corporate tax rate of 30%. If you need to increase ICO, enter your answer as a positive number; for instance: 3000 If you need to decrease ICO, enter your answer as a negative number; for instance: -3000 If you determine no change is needed to ICO; enter 0

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