Trayer Corporation has income from continuing operations of $278,000 for the year ended December 31, 2020. It also has the following items (before considering income taxes). 1. An unrealized loss of $74,000 on available-for-sale securities.
2. A gain of $25,000 on the discontinuance of a division (comprised of a $19,000 loss from operations and a $44,000 gain on disposal).
3. A correction of an error in last year’s financial statements that resulted in a $13,000 understatement of 2016 net income.
Assume all items are subject to income taxes at a 15% tax rate.
Prepare a statement of comprehensive income, beginning with income from continuing operations.

Self-interest achieve society’s economic goals because producers know which goods consumers want the most. as consumers and producers exercise their freedom to act in their own self-interest, markets will produce the desired goods at the lowest possible cost. consumers and producers both operate based on society’s economic goals. consumers know which goods can be produced at the lowest cost. there is a wide variety of desired goods and services in a market system because producers determine what to produce. consumers change their minds frequently. there is always a need to produce something new and improved. individual wants are diverse. what is produced is ultimately determined by consumers, because if the goods offered are not what consumers want, consumers will not buy them. producers, because they are driven by profits. producers, because they determine what to produce. consumers, because they participate in marketing surveys.

Melissa is a very generous single woman. before this year, she had given over $11,400,000 in taxable gifts over the years and has completely exhausted her applicable credit amount. in the current year, melissa gave her daughter riley $100,000 and promptly filed her gift tax return. melissa did not make any other gifts this year. how much gift tax must riley pay the irs because of this transaction?

Suppose that electricity producers create a negative externality equal to $5 per unit. further suppose that the government imposes a $5 per-unit tax on the producers. what is the relationship between the after-tax equilibrium quantity and the socially optimal quantity of electricity to be produced?