An inexperienced accountant for CJS Transport Corporation showed the following in CJS Transport's 2017 income statement: income before income taxes $420,000; and unrealized loss on available-for-sale securities (before taxes) $60,000. The unrealized loss and income before income taxes are both subject to a 30% tax rate.
Instructions
Prepare a corrected statement of income.

Question

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The Answer of An inexperienced accountant for CJS Transport Corporation showed the following in CJS Transport's 2017 income statement: income before income taxes $420,000; and unrealized loss on available-for-sale securities (before taxes) $60,000. The unrealized loss and income before income taxes are both subject to a 30% tax rate.
Instructions
Prepare a corrected statement of income.

An Inexperienced Accountant for CJS Transport Corporation Showed the Following