ooo T-Mobile Wi-Fi8:31 PM Done a edugen.wileyplus.com C Do It! Review 13-1 Your

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ooo T-Mobile Wi-Fi8:31 PM Done a edugen.wileyplus.com C Do It! Review 13-1 Your answer is partially correct. Try again. In its proposed 2017 income statement, Novak Corp. reports income before income taxes $620,000, income taxes $148,800 (not including unusual items), loss on operation of discontinued music division $61,000, gain on disposal of discontinued music division $59,500, and unrealized loss on available-for-sale securities $136,000. The income tax rate is 24%. Prepare a correct statement of comprehensive income, beginning with income before income taxes. NOVAK CORP. Click if you would like to Show Work f for this question Open Sow Work Question Attempts:2 of s used AVE FOR LATE SURMET ANSWER

Explanation / Answer

Novak Corp Comprehensive income Statement Income Before Income Taxes 620000 Income Tax Expense 148800 Income Form Continued operation 471200 Discontinued Operation Loss from Operation of Music Division =-61000*(1-0.24) -46360 Gain From Disposal of Music Division =+59500*(1-0.24) 45220 -1140 Net Income 470060 Other Comprehensive Income (loss) Unrealized loss on available for Sales Security -103360 Comprehensive Income 366700

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