Question: Kolby Inc reported income from continuing operations of 71 000 and
Kolby Inc. reported income from continuing operations of $71,000 and a loss from discontinued operations of $10,000 in 2011, all before income taxes. All items are fully taxable and deductible for tax purposes. Prepare the bottom of the income statement for Kolby Inc., beginning with income from continuing operations before income taxes. Assume a tax rate of 25%.
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