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For the year ended December 31, 2021. Prince Company Inc. reported Income from Continuing Operations...

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Accounting

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For the year ended December 31, 2021. Prince Company Inc. reported Income from Continuing Operations of $980.000. Included in the determination of Comprehensive Income for the Company is the following: Effective October 31, 2021 the Board of Directors has initiated a plan to dispose of Division A The plan meets the requirements of a Discontinued Operation. The division has reported an Operating Loss before tax of S114,500, i. At the end of December 2021, the assets of Division A were disposed of for a gain before tax of $68,000 H. Included in the determination of income is an Unrealized Loss before tax of $28,200 on FV-NI Investments and an Unrealized Loss before tax of $68,000 on FV.OCI Investments. Instructions: Prepare in good form a partial Statement of Comprehensive Income for the year ended December 31, 2021 beginning with Income from Continuing Operations before tax (assume a tax rate of 40%) (11 marks)

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