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Unformatted text preview: 25,000 Items that are unusual or infrequent, but not both 125,000 Total Other Expenses and Losses 334,000 Income Before Income Tax 1,088,000 Income Tax 435,200 Income From Continuing Operations 652,800 Dewey, Cheatum & Howe Income Statement for the year ended December 31, 2011 Income From Continuing Operations 652,800 Discontinued Operations Loss from operation of discontinued operation 145,000 Less: Applicable Income Tax 58,000 Loss from disposal of discontinued operation 85,000 Less: Applicable Income Tax 34,000 Loss from discontinued operation 138,000 Income before extraordinary item 514,800 Extraordinary Items Extraordinary item material, both unusual and infrequent (net of tax) Loss from expropriation of property in S. America 180,000 Less: Applicable Income Tax 72,000 Net Extraordinary Loss 108,000 Net Income 406,800 Dewey, Cheatum & Howe Income Statement for the year ended December 31, 2011 Page 2 of 2...
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- Spring '11