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In its proposed 2017 income statement, Ayayai Corp. reports income before income taxes $548,000, income taxes $82,200 (not including unusual items), loss on operation of discontinued music division $62,100, gain on disposal of discontinued music division $46,500, and unrealized loss on available-for-sale securities $160,000. The income tax rate is 15%.

Prepare a correct statement of comprehensive income, beginning with income before income taxes

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Answer and Explanation:

Given:

Net income before income tax = $548,000

Income tax = $82,200

Loss on discounted music(less tax) = $62,100 - (15% of $62,100) = $52,785

Gain on discounted music(less tax) = $46,500 - (15% of $46,500) = $39,525

Unrealized loss = $160,000 - (15% of $160,000) = $136,000

            Statement Of Comprehensive Income            

Particular                                                           Amount  

Net income before income tax                        $548,000

Less: Income tax                                               $82,200

Income from Operations                                  $465,800

Less: Loss on discounted music(less tax)       $52,785

Add: Gain on discounted music(less tax)        $39,525

Net income before unrealized loss                 $452,540

Less: Unrealized loss                                        $136,000

Comprehensive income                                   $316,540

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