In its draft 2014 income statement Sunflower Corporation reports income
In its draft 2014 income statement, Sunflower Corporation reports income before income taxes $500,000, extraordinary loss due to earthquake $180,000, income taxes $200,000 (not including irregular items), and loss on disposal of discontinued music division $24,000. The income tax rate is 40%. Prepare a correct income statement, beginning with income before income taxes.

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