Question

For its fiscal year ending October 31, 2020, Antonio Corporation reports the following partial data.

Income before income taxes		$390,000
Income tax expense (40% x $509,000)		203,600
Income from continuing operations		186,400
Gain from discontinued operations		119,000
Net income		$305,400

The income tax rate is 40% on all items.

(a) Prepare a correct income statement, beginning with income before income taxes.

ANTONIO CORPORATION Partial Income Statement October 31, 2020For the Month Ended October 31, 2020For the Year Ended October 31, 2020
Gain from Discontinued Operations Net of TaxesIncome before Income TaxesIncome from Continuing OperationsIncome Tax ExpenseLoss from Discontinued Operations Net of TaxesNet Income		$
Gain from Discontinued Operations Net of TaxesIncome before Income TaxesIncome from Continuing OperationsIncome Tax ExpenseLoss from Discontinued Operations Net of TaxesNet Income
Gain from Discontinued Operations Net of TaxesIncome before Income TaxesIncome from Continuing OperationsIncome Tax ExpenseLoss from Discontinued Operations Net of TaxesNet Income
Gain from Discontinued Operations Net of TaxesIncome before Income TaxesIncome from Continuing OperationsIncome Tax ExpenseLoss from Discontinued Operations Net of TaxesNet Income
Gain from Discontinued Operations Net of TaxesIncome before Income TaxesIncome from Continuing OperationsIncome Tax ExpenseLoss from Discontinued Operations Net of TaxesNet Income		$

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