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Home Q & A Board Other Fields Homework Help Business Accounting
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christyjames christyjames
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Posts: 318
Rep: 19 0
5 years ago
Lyon Corp reported income from continuing operations before taxes of $774,000 and income from discontinued operations of $198,000. Lyon also reported $77,000 of unrealized gains from fair value accounting adjustments recorded as other comprehensive income. The company is subject to a 35% tax rate and reports no permanent differences.

Prepare a partial income statement including comprehensive income.
Textbook 
Intermediate Accounting

Intermediate Accounting


Edition: 1st
Authors:
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#1
5 years ago
 
Income from continuing operations before taxes       $774,000
Income tax expense270,900
Income from continuing operations503,100
Discontinued operations - net of tax $69,300128,700
Net income$631,800
Other comprehensive income - net of tax $26,95050,050
Comprehensive income$681,850
christyjames Author
wrote...
#2
5 years ago
Marking this solved, moving on to the next...
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