In its proposed 2022 income statement, Hrabik Corporation reports income before income taxes $500,000, income taxes $100,000 (not including unusual items), loss on operation of discontinued music division $60,000, gain on disposal of discontinued music division $40,000, and unrealized loss on available-for-sale securities $150,000. The income tax rate is 20%. Prepare a correct statement of comprehensive income, beginning with income before income taxes.

Statement of Comprehensive Income:

$ $

Income from continuing operation before tax 500,000

Income Tax (100,000)

After Tax Income from Continuing operation 400,000

Loss from discontinuing operation (60,000)

Gain on disposal of discontinuing operation 40,000

loss on discontinuing operation b/4 tax (20,000)

income tax benefit @ 20% 4,000

After tax gain on discontinuing operation (16,000)

Net Income 384,000

Unrealized loss on available-for - sale securities (150,000)

Other Comprehensive Income 234,000