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Question - Concord Corporation has income from continuing operations of $202,000 for the year ended December 31, 2022. It also has the following items (before considering income taxes).
1. An unrealized loss of $77,900 on available-for-sale securities.
2. A gain of $34,700 on the discontinuance of a division (comprised of a $9,100 loss from operations and a $43,800 gain on disposal).
Assume all items are subject to income taxes at a 20% tax rate.
Required - Prepare partial income statement, beginning with income from continuing operations, and a statement of comprehensive income.
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Saturn, Inc., which uses a predetermined overhead rate based on direct labor hours, estimated total overhead for the year to be $7,500,000 and total direct labor hours to be 125,000 hours.
Determine the annual savings in cash operating costs that would be realized if the cherry picker were purchased
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