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Corona Corporation's Financial Statements for the Current Year Include the Following

Question 36

Multiple Choice

Corona Corporation's financial statements for the current year include the following:  Profit from continuing operations (net of taxes)  $693,000 Retrospective restatement (increase in prior year profit, net of taxes)  $250,800 Cash dividends paid to preference shareholders $266,640 Gain from discontinued operations (net of taxes)  $541,200\begin{array}{|l|l|}\hline \text { Profit from continuing operations (net of taxes) } & \$ 693,000 \\\hline \text { Retrospective restatement (increase in prior year profit, net of taxes) } & \$ 250,800 \\\hline \text { Cash dividends paid to preference shareholders } & \$ 266,640 \\\hline \text { Gain from discontinued operations (net of taxes) } & \$ 541,200 \\\hline\end{array}
On the basis of this information, profit for the current year is:


A) $1,359,600.
B) $818,400
C) $1,485,000.
D) $1,234,200.

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