A partial income statement for a corporation with these items follows

A partial income statement for a corporation with these items follows

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A partial income statement for a corporation with these items follows:  Income before taxes $87,100 Income tax expense (38%) 33,098 Income from continuing operations 54,002 Discontinued operations Loss on operation of food divisions, net of $5,700 tax savings (9,300) Gain on sale of food divisions, net of $9,500 income taxes 15,500 6,200
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Unformatted text preview: Income before extraordinary item and cumulative effect of accounting change 60,202 Extraordinary item Loss due to floods, net of $19,000 tax saving (31,000) Cumulative effect of change in accounting principle Effect on prior years of change in depreciation methods, net of $11,400 tax savings 18,600) Net income 10,602...
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