Under the periodic inventory system, purchases, purchase discounts, and purchase returns and allowances are recorded in the Merchandise Inventory account as and when they occur

When a bank pays the holder of a properly drawn check, it is said to have ________ the check

A) certified B) indorsed C) honored D) collected

Lyon Corp reported income from continuing operations before taxes of $774,000 and income from discontinued operations of $198,000. Lyon also reported $77,000 of unrealized gains from fair value accounting adjustments recorded as other comprehensive income. The company is subject to a 35% tax rate and reports no permanent differences

Prepare a partial income statement including comprehensive income. What will be an ideal response?