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During the current year, Newtech Corporation sold a segment of its business at a loss...

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Accounting

During the current year, Newtech Corporation sold a segment of its business at a loss of $225,000. Until it was sold, the segment had a current period operating loss of $200,000. The company had $750,000 from continuing operations for the current year.
Prepare the lower part of the income statement, beginning with the $750,000 income from continuing operations. Follow tax allocation procedures, assuming that all changes in income are subject to a 40% income tax rate. Disregard earnings per share disclosures.
\table[[\table[[Newtech Corporation],[Partial Income Statement],[Current Year]]],[Income from continuing operations,,$,750,000],[Discontinued operations],[Loss from operations of discontinued segment (net of tax),$,200,000,,],[Loss on disposal of discontinued segment (net of tax),0,,0],[Net income,,$,0]]
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