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For its fiscal year ending October 31, 2020, Haas Corporation reports the following partial data shown below.
Income before income taxes$550,000
Income tax expense (27% x $413,000)111,510
Income from continuing operations438,490
Loss on discontinued operations137,000
Net income$301,490
The loss on discontinued operations was comprised of a $58,000 loss from operations and a $79,000 loss from disposal. The income tax rate is 27% on all items.
Problem (a) Prepare a correct statement of comprehensive income beginning with income before income taxes.
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