Prepare a partial income statement including comprehensive income.
What will be an ideal response?
Answer:
Income from continuing operations before taxes
$774,000
Income tax expense
270,900
Income from continuing operations
503,100
Discontinued operations – net of tax $69,300
128,700
Net income
$631,800
Other comprehensive income – net of tax $26,950
50,050
Comprehensive income
$681,850