Question - Minor, Inc., had revenue of $572,000 and expenses (other than income taxes) of $282,000 for the current year. The company is subject to a 35 percent income tax rate. In addition, available-for-sale investments, which were purchased for $17,500 early in the year, had a market value at the end of the year of $19,200.
Required -
Determine the amount of Minor's net income for the year.
Determine the amount of Minor's comprehensive income for the year.
How would your answers to parts a and b differ if the market value of Minor's investments at the end of the year had been $14,200?