The following income statement does not reflect intraperiod tax allocation. INCOME STATEMENT For the Fiscal Year...

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The following income statement does not reflect intraperiod tax allocation. INCOME STATEMENT For the Fiscal Year Ended March

Recast the income statement to reflect intra period tax allocation. (Loss amounts s a minus sign. Enter your answers in milli

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Answer 1

Answer #1

Income Statement
For the fiscal year ended March 31, 2018
Revenues	$ 905
Cost of goods sold	$ (380)
Gross profit	$ 525
Operating expense	$ 190
Income from continuing operations before income tax	$ 335
Income tax expenses ($335*40%)	$ 134
Income before discontinued operations	$ 201
Loss from discontinued operation, net of tax ($95*60%)	$ (57)
Net income	$ 144

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