Problem

Minor. Inc., had revenue of $572,000 and expenses (Other than income taxes) of $282,000 fo...

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.

a.    Determine the amount of Minor's net income for the year.


b.    Determine the amount of Minor's comprehensive income for the year.


c.    How would your answers to pans a and b differ if the market value of Minor's investments at the end of the year had been $14,200?

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