For its fiscal year ending October 31, 2022, Swifty Corporation reports the following partial data shown below. Income before income taxes $545,400 Income tax expense (20% × $424,200) 84,840 Income from continuing operations 460,560 Loss on discontinued operations 121,200 Net income $339,360 The loss on discontinued operations was comprised of a $50,500 loss from operations and a $70,700 loss from disposal. The income tax rate is 20% on all items. Prepare a correct statement of comprehensive income, beginning with income before income taxes.

                          Swifty Corporation

           Statement of Comprehensive Income

                            October 31, 2022

Income before income taxes                                      $545,400

Income tax expense                                                   ($109,080)  

Income from continuing operations                           $436,320

Other comprehensive income (loss):

Loss on discontinued operations                               ($50,500)

Related tax                                                                      $10,100

Loss from disposal of assets                                       ($70,700)

Related tax                                                                      $14,140  

Other comprehensive income (loss) net of tax         ($96,960)

Comprehensive Income                                            $339,360

Explanation:

income before income taxes $545,400 x 20% = $109,080 tax expense

loss on discontinued operations $50,500 x 20% = $10,100 tax benefit

loss from disposal of assets $70,700 x 20% = $14,410 tax benefit