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 available-for-sale debt investments (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.

Question

Quizplus · Accepted Answer

The Answer of 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 available-for-sale debt investments (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.

Lyon Corp Reported Income from Continuing Operations Before Taxes of $774,000