Question

Corona Corporation's financial statements for the current year include the following: Income from continuing operations $ 636,800 Income tax expense $ 140,000 Prior period adjustment (increase in prior year net income, net of taxes) $ 135,500 Cash dividends paid to preferred stockholders $ 272,040 Gain from discontinued operations (net of taxes) $ 417,556 Non-recurring loss $ 128,400 On the basis of this information, net income for the current year is:

Answer 1

Calculation of Net income for the current year
Particulars			amount
income from continuing operation net of tax			636800
Gain from discountinued operation (net of tax)			417556
Non recurring loss net of tax			-128400
Net income			925956
prior adjustement not effect current year net income