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Income statement (partial)
| Discontinued operations: | |
| Income from discontinued operations, net of income tax (1,977,000 - 1,977,000 x 20%) | 1,581,600 |
| Loss on disposal of assets, net of tax (168,000 - 168,000 x 20%) | - 134,400 |
| Net income from Discontinued operations | $1,447,200 |
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$700,000 income from continuing operations for the current year.
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procedures, assuming that all changes in income are subject to a 20
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Income Statement Sections
During the current year, David Corporation sold a segment of its
business at a gain of $210,000. Until it was sold, the segment had
a current period operating loss of $75,000. The company had
$700,000 income from continuing operations for the current year.
Prepare the lower part of the income statement, beginning with the
$700,000 income from continuing operations. Follow tax allocation
procedures, assuming that all changes in income are subject to a 20
percent income tax...
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