Minor, Inc., had revenue of $590,000 and expenses (other than income taxes) of $294,000 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 total amount of Minor’s comprehensive income for the year.
c.How would your answers to partsaandb differ if the market value of Minor’s investments at the end of the year had been $14,200?
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