Question

For its fiscal year ending October 31, 2020, Haas Corporation reports the following partial data shown below.

Income before income taxes		$505,000
Income tax expense (25% x $376,000)		94,000
Income from continuing operations		411,000
Loss on discontinued operations		129,000
Net income		$282,000

The loss on discontinued operations was comprised of a $56,000 loss from operations and a $73,000 loss from disposal. The income tax rate is 25% on all items.

(a)

Prepare a correct statement of comprehensive income beginning with income before income taxes. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).)

HAAS CORPORATION Partial Income Statement For the Year Ended October 31, 2020October 31, 2020For the Quarter Ended October 31, 2020
Discontinued OperationsDividendsExpensesExtraordinary Loss from FloodIncome from Continuing OperationsIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Retained EarningsRevenuesTotal ExpensesTotal RevenuesLoss from Operations, Net of Income Tax Savings Loss on Disposal, Net of Income Tax SavingsGain from Operations of Discontinued DivisionGain from Disposal of Discontinued Division				$
Discontinued OperationsDividendsExpensesExtraordinary Loss from FloodIncome from Continuing OperationsIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Retained EarningsRevenuesTotal ExpensesTotal RevenuesLoss on Disposal, Net of Income Tax SavingsLoss from Operations, Net of Income Tax Savings Gain from Disposal of Discontinued DivisionGain from Operations of Discontinued Division
Discontinued OperationsDividendsExpensesExtraordinary Loss from FloodIncome from Continuing OperationsIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Retained EarningsRevenuesTotal ExpensesTotal RevenuesLoss on Disposal, Net of Income Tax SavingsLoss from Operations, Net of Income Tax Savings Gain from Operations of Discontinued DivisionGain from Disposal of Discontinued Division
Discontinued OperationsDividendsExpensesExtraordinary Loss from FloodIncome from Continuing OperationsIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Retained EarningsRevenuesTotal ExpensesTotal RevenuesLoss on Disposal, Net of Income Tax SavingsLoss from Operations, Net of Income Tax Savings Gain from Operations of Discontinued DivisionGain from Disposal of Discontinued Division
Discontinued Operations    Dividends    Expenses    Extraordinary Loss from Flood    Income from Continuing Operations    Income before Income Taxes    Income Tax Expense    Net Income / (Loss)    Retained Earnings    Revenues    Total Expenses    Total Revenues    Loss from Operations, Net of Income Tax Savings    Loss on Disposal, Net of Income Tax Savings    Gain from Disposal of Discontinued Division    Gain from Operations of Discontinued Division		$
Discontinued Operations    Dividends    Expenses    Extraordinary Loss from Flood    Income from Continuing Operations    Income before Income Taxes    Income Tax Expense    Net Income / (Loss)    Retained Earnings    Revenues    Total Expenses    Total Revenues    Loss from Operations, Net of Income Tax Savings    Loss on Disposal, Net of Income Tax Savings    Gain from Operations of Discontinued Division    Gain from Disposal of Discontinued Division
Discontinued OperationsDividendsExpensesExtraordinary Loss from FloodIncome from Continuing OperationsIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Retained EarningsRevenuesTotal ExpensesTotal RevenuesLoss on Disposal, Net of Income Tax SavingsLoss from Operations, Net of Income Tax Savings Gain from Operations of Discontinued DivisionGain from Disposal of Discontinued Division				$