Profiles Corp.had the following infrequent income statement items during 2009:
·$44,000 of dividends received from a stock investment
·$20,000 gain on the sale of a plant asset which became outdated because of new technology
·$19,000 loss due to the sale of treasury stock at a price less than its original cost
·$34,000 fair value adjustment increase to market for available-for-sale investments
·$50,000 interest expense for the year of which only $42,000 was actually paid
How much should Profiles report as a component of 'income from continuing operations'?

Question

Quizplus · Accepted Answer

The Answer of Profiles Corp.had the following infrequent income statement items during 2009:
·$44,000 of dividends received from a stock investment
·$20,000 gain on the sale of a plant asset which became outdated because of new technology
·$19,000 loss due to the sale of treasury stock at a price less than its original cost
·$34,000 fair value adjustment increase to market for available-for-sale investments
·$50,000 interest expense for the year of which only $42,000 was actually paid
How much should Profiles report as a component of 'income from continuing operations'?