The Bridgeport Corporation had income from continuing operations of $12 million in 2020. During 2020, it...

The Bridgeport Corporation had income from continuing operations of $12 million in 2020. During 2020, it disposed of its restaurant division at a loss of $98,000 (net of tax of $38,000). Before the disposal, the division operated at a loss of $202,000 (net of tax of $135,000) in 2020. Blue Collar also had an unrealized gain-OCI of $44,000 (net of tax of $18,000) related to its FV-OCI equity investments. Bridgeport had 10 million common shares outstanding during 2020.

Prepare a partial statement of financial performance for Bridgeport, beginning with income from continuing operations.

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Expert Solution

Blue Collar Corporation
Partial Statement of Comprehensive Income
For the Year Ended December 31, 2020
Income from Continuing Operations		12,000,000.00
Discontinued Operations
Loss from Operation of discontinued Restaurant Division (Net of Tax)	135,000.00
Loss from Disposal of Restaurant Division (Net of Tax)	38,000.00
		173,000.00
Net Income / (Loss)		11,827,000.00
Other Comprehensive Income
Unrealized Gain on FV-OCI Investments (Net of Tax)		18,000.00
Comprehensive income		11,845,000.00

Income from Continuing Operations	1.20
Discontinued Operations	- 0.02
Net Income	1.18

ekkarill92 answered 1 year ago

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