Dos Amugus Company has income from continuing operations of $621,000 (after tax) for the year ended December 31, 2020. It also has the following items (before considering income taxes): (1) An unrealized loss of $120,000 available-for-sale-securities. (2) A gain of $60,000 on the discontinuance of a major component. (3) A cumulative effect of a change in accounting principle that resulted in an increase in prior years' depreciation of $50,000. Assume all items are subject to income taxes at a 30% tax rate. Prepare an income statement, beginning with income from continuing operations. DOS AMUGUS COMPANY Partial Statement of Comprehensive Income For the Year Ended December 31, 2020

                              Dos Amugus company

              Partial Statement of Comprehensive Income

Particulars                                                                           Amount

Income from continuing operations                                $621,000

Discontinued operations. Gain on discontinued            $42,000  

segment net of tax (60,000 * 30% of 60,000)                                

Net income                                                                        $663,000

Other comprehensive income                                          ($84,000)

Unrealized holding loss, on available for sale

securities net of income tax (120,000-30%*120,000)                      

Comprehensive income                                                   $579,000

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