Tortarella ­Timber Company provided the following information for the current year:
1. Operating income amounted to $ 345,000.
2. The company sold investments in bonds at a pretax loss of $ 23,500.
3. Tortarella reported a $ 5,600 unrealized loss on an available- for- sale portfolio that is included in other comprehensive income.
4. The company reported a $ 12,000 unrealized gain on its trading portfolio, which is included in net income.
5. Tortarella committed to discontinue its retail lumber stores division on January 1 of the current year. The retail lumber stores meet the criteria to be presented as a discontinued operation. The retail lumber stores accounted for 15% of the company’s operating income. The stores were operated all year.
6. The retail lumber stores division was sold at December 31 of the current year for a $ 16,850 pretax loss. There was no gain or loss on re-measurement on January 1. The company is subject to a 30% income tax rate.
Required
a. Prepare a single statement of comprehensive income beginning with operating income.
b. Prepare separate statements of income and comprehensive income.