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Question - For its fiscal year ending October 31, 2020, Haas Corporation reports the following partial data shown below.
Income before income taxes $535,000
Income tax expense (29% x $404,000) 117,160
Income from continuing operations 417,840
Loss on discontinued operations 131,000
Net income $286,840
The loss on discontinued operations was comprised of a $56,000 loss from operations and a $75,000 loss from disposal. The income tax rate is 29% on all items.
Required - Prepare a correct statement of comprehensive income beginning with income before income taxes.
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