Sheridan Ltd. has profit from continuing operations of $310,000 for the year ended December 31,2024....

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Accounting

Sheridan Ltd. has profit from continuing operations of $310,000 for the year ended December 31,2024. It also has the following
before considering income tax: a net gain of $72,000 from the discontinuance of a component of the entity, which includes a $99,000
profit from the operation of the segment and a $27,000 loss on its disposal.
Assume that the income tax rate on all items is 30%.
Prepare a partial income statement, beginning with profit from continuing operations, using the all-inclusive format.
SHERIDAN LTD.
Partial Statement of IncomeSheridan Ltd. has profit from continuing operations of $310,000 for the year ended December 31,2024. It also has the following
before considering income tax: a net gain of $72,000 from the discontinuance of a component of the entity, which includes a $99,000
profit from the operation of the segment and a $27,000 loss on its disposal.
Assume that the income tax rate on all items is 30%.
Prepare a partial income statement, beginning with profit from continuing operations, using the all-inclusive format.
SHERIDAN LTD.
Partial Statement of Income
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