Income Statement Sections During the current year, Dale Corporation sold a segment of its...
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Accounting
Income Statement Sections
During the current year, Dale Corporation sold a segment of its business at a gain of $105,000. Until it was sold, the segment had a current period operating loss of $37,500. The company had $425,000 from continuing operations for the current year. Prepare the lower part of the income statement, beginning with the $425,000 income from continuing operations. Follow tax allocation procedures, assuming that all changes in income are subject to a 35% income tax rate. Disregard earnings per share disclosures. (Round all calculations to nearest dollar amount.)
| Dale Corporation | ||
|---|---|---|
| Partial Income Statement | ||
| Current Year | ||
| Income from continuing operations | Answer | |
| Discontinued operations | ||
| Loss from operations of discontinued segment (net of tax) | Answer | |
| Gain on disposal of discontinued segment (net of tax) | Answer | Answer |
| Net income | Answer | |
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