Question: Assume that Lincoln Company s chief financial officer gave you the
Assume that Lincoln Company’s chief financial officer gave you the following information: net sales, $720,000; cost of goods sold, $350,000; loss from discontinued operations (net of income tax benefit of $70,000), $200,000; loss on disposal of discontinued operations (net of income tax benefit of $16,000), $50,000; operating expenses, $130,000; income taxes expense on continuing operations, $60,000. From this information, prepare the company’s income statement for the year ended June 30, 2012.
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