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Trayer corporation has income from continuing operations

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Reference no: EM131746445

Trayer Corporation has income from continuing operations of $298,000 for the year ended December 31, 2017. It also has the following items (before considering income taxes).

1. An unrealized loss of $77,000 on available-for-sale securities

2. A gain of $25,000 on the discontinuance of a division (comprised of a $18,000 loss from operations and a $43,000 gain on disposal).

3. A correction of an error in last year's financial statements that resulted in a $15,000 understatement of 2016 net income.

Assume all items are subject to income taxes at a 21% tax rate.

Reference no: EM131746445

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