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In its proposed 2017 income statement, Hrabik Corporation reports income before income taxes $490,000, income...

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Accounting

In its proposed 2017 income statement, Hrabik Corporation reports income before income taxes $490,000, income taxes $122,500 (not including unusual items), loss on operation of discontinued music division $55,000, gain on disposal of discontinued music division $35,000, and unrealized loss on available-for-sale securities $140,000. The income tax rate is 25%. Prepare a correct income statement, beginning with income before income taxes. Hrabik CORPORATION Statement of Comprehensive Income (Partial) $ 490,000 122,500 367,500 $ $

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