Terwilliger Corporation owns a number of cruise ships and a chain of hotels. The hotels, which have not been profitable, were discontinued on September 1, 2020. The 2020 operating results for the company were as follows.
Analysis discloses that these data include the operating results of the hotel chain, which were operating revenues $1,500,000 and operating expenses $2,400,000. The hotels were sold at a gain of $2,00,000 before taxes. This gain is not included in the operating results. During the year., Terwilliger had an unrealized loss on its available-for-sale securities of $600,000 before taxes, which is not included in the operating results. In 2020, the company had other revenues and gains of $100,000, which are not included in the operating results. The corporation is in the 30% income tax bracket.
Instructions
Prepare a statement of comprehensive income.
Solution
Statement of Comprehensive Income
