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Prepare a statement of comprehensive income

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Question - Lake of the Prairies Inc. (LOTP) reported the following pre-tax amounts for the year ended June 30, 2021:

Profit before income tax (on continuing operations), $3,200,000

Loss from discontinued operations, $850,000

Loss on disposal of assets of discontinued operations, $600,000

Other comprehensive income, holding gain on an equity investment of $670,000

LOTP's effective income tax rate is 20%.

Required - Prepare a statement of comprehensive income, beginning with income from continuing operations.

Reference no: EM133146388

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