Answer | |
Prepare partial income statement as follows: | |
Income statement | |
income from continuing operations before tax | $ 7,800,000 |
Income tax expense @25% | -$ 1,950,000 |
Income from continuing operations | $ 5,850,000 |
discontinued operations: | |
Loss from operations | $ 4,800,000 |
Income tax benefit | -$ 1,200,000 |
Loss on discontinued operations | -$ 3,600,000 |
Net income | $ 2,250,000 |
Thus, net income is $ 2,250,000 |
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