An inexperienced accountant for Sunland Corporation showed the following in the income statement: net income $240,750 an

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An Inexperienced Accountant For Sunland Corporation Showed The Following In The Income Statement Net Income 240 750 An 1 (118.08 KiB) Viewed 40 times

An inexperienced accountant for Sunland Corporation showed the following in the income statement: net income $240,750 and unrealized gain on available-for-sale securities (before taxes) $92,400. The unrealized gain on available-for-sale securities is subject to a 25% tax rate Prepare a correct statement of comprehensive income. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).) SUNLAND CORPORATION Statement of Comprehensive Income Income before income taxes Income tax expense Unrealized holding gain on available-for-sale securities 240,750