Question

Dos Amugus Company has income from continuing operations of $621,000 (after tax) for the year ended December 31, 2017. It also has the following items (before considering income taxes): (1) An unrealized loss of $120,000 available-for-sale-securities. (2) A gain of $60,000 on the discontinuance of a major component. (3) A cumulative effect of a change in accounting principle that resulted in an increase in prior years' depreciation of $50,000. Assume all items are subject to income taxes at a 30% tax rate. Prepare a statement of comprehensive income, beginning with income from continuing operations

Answer 1

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Step-by-step explanation:

Comprehensive income statement depicts the profits and losses from continuing and discontinuing operations. All the gains and losses below are after taxes

See the attached picture for further explanation.