Question: In its proposed 2014 income statement Hrabik Corporation reports income
In its proposed 2014 income statement, Hrabik Corporation reports income before income taxes $500,000, extraordinary loss due to earthquake $150,000, income taxes $200,000 (not including irregular items), loss on operation of discontinued music division $60,000, and gain on disposal of discontinued music division $40,000. The income tax rate is 30%. Prepare a correct income statement, beginning with income before income taxes.
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