Reference no: EM133096579
Question - Clark Company's accountant reported income from continuing operations before extraordinary item of $725,000 for the year ended 2018. The company's income tax rate is 30%. The accountant also identified the following transactions that occurred in 2018:
Due to an incorrect entry, cost of goods sold was overstated by $100,000 in the year 2017.
The company has one of their operating divisions up for sale. The division qualifies as a component of the entity according to GAAP. The fair value and book value of the assets is $1,500,000 and $1,250,000, respectively. In addition, there was a loss from operations of $400,000 for the year 2018.
Unrealized losses on securities held for sale amounted to $120,000.
Required - What is the amount of comprehensive income that will be reported by Clark?
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What is the amount of comprehensive income
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