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In its proposed 2017 income statement, Hrabik Corporation reports income before income taxes $500,000, income...

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In its proposed 2017 income statement, Hrabik Corporation reports income before income taxes $500,000, income taxes $100,000 (not including unusual items), loss on operation of discontinued music division $60,000, gain on disposal of discontinued music division $40,000, and unrealized loss on available-for-sale securities $150,000. The income tax rate is 20%. Prepare a correct income statement, beginning with income before income taxes. Hrabik CORPORATION Statement of Comprehensive Income (Partial)

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