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Prepare a correct statement of comprehensive income

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Question - For its fiscal year ending October 31, 2022, Ayayai Corp. reports the following partial data shown below.

Income before income taxes $550,800

Income tax expense (20% x $428,400) 85,680

Income from continuing operations 465,120

Loss on discontinued operations 122,400

Net income $342,720

The loss on discontinued operations was comprised of a $51,000 loss from operations and a $71,400 loss from disposal. The income tax rate is 20% on all items.

Required - Prepare a correct statement of comprehensive income, beginning with income before income taxes.

Reference no: EM133171285

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