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Profiles Corp. had the following infrequent income statement items during 2009:

$44,000 of dividends received from a stock investment
$20,000 gain on the sale of a plant asset which became outdated because of new technology
$19,000 loss due to the sale of treasury stock at a price less than its original cost
$34,000 fair value adjustment increase to market for available-for-sale investments
$50,000 interest expense for the year of which only $42,000 was actually paid

How much should Profiles report as a component of ‘income from continuing operations'?

 

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M939216

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