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30 October, 12:53

For its fiscal year ending October 31, 2022, Swifty Corporation reports the following partial data shown below. Income before income taxes $545,400 Income tax expense (20% * $424,200) 84,840 Income from continuing operations 460,560 Loss on discontinued operations 121,200 Net income $339,360 The loss on discontinued operations was comprised of a $50,500 loss from operations and a $70,700 loss from disposal. The income tax rate is 20% on all items. Prepare a correct statement of comprehensive income, beginning with income before income taxes.

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  1. 30 October, 13:11
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    Swifty Corporation

    Statement of Comprehensive Income

    October 31, 2022

    Income before income taxes $545,400

    Income tax expense ($109,080)

    Income from continuing operations $436,320

    Other comprehensive income (loss):

    Loss on discontinued operations ($50,500)

    Related tax $10,100

    Loss from disposal of assets ($70,700)

    Related tax $14,140

    Other comprehensive income (loss) net of tax ($96,960)

    Comprehensive Income $339,360

    Explanation:

    income before income taxes $545,400 x 20% = $109,080 tax expense

    loss on discontinued operations $50,500 x 20% = $10,100 tax benefit

    loss from disposal of assets $70,700 x 20% = $14,410 tax benefit
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