its proposed 2017 income statement, Martinez Corp. reports income before income

Question

its proposed 2017 income statement, Martinez Corp. reports income before income taxes?472,000, income taxes $99,120 (not including unusual items), loss on operation of discontinued mu division $68,800, gain on disposal of discontinued music division $55,700, and unrealized loss on available-for-sale securities $170,000. The income tax rate is 21% Prepare a correct statement of comprehensive income, beginning with income before income taxes MARTINEZ CORP Partial Statement of C Income Before Income Taxes 472,000 Income from Continuing 372,880 Discontinued Operations Gain from Disposal of Music Division Other Com Income Unrealized Holding Loss of Available-for-Sale Securities

Explanation / Answer

MARTINEZ CORP. Partial Statement of Comprehensive Income Income before Income Tax     472,000.00 Income Tax Expense     (99,120.00) Income from Continuing Operations     372,880.00 Discontinued Operations: Gain from disposal of Music Division ($55,700 - $11,697)     44,003.00 Loss on Operation of Discontinued Music Division, net of Tax ($68,800 - $14,448) (54,352.00)     (10,349.00) Net Income     362,531.00 Other Comprehensive Income Unrealized Holding Loss of Available-for-Sale Securities, net of tax ($170,000 - $35,700) (134,300.00) Comprehensive Income     228,231.00

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