Homework Answers
Income statement
For the year ending December 31, 2021
| Before tax income, unadjusted | 629,000 |
| Unusual gain | 209,000 |
| Income before tax | 838,000 |
| Income tax expense (838,000 x 25%) | - 209,500 |
| Income from continuing operations | $628,500 |
Loss on discontinued operations is not required to calculate Income from continuing operations.
First option is correct.
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