Question

Shaquille Corporation has income before tax of $1.7 million and income tax expense of $425,000 for the year ended December 31, 2015, before considering the following items:
(1) A $275,000 gain, after tax, from the disposal of an operating segment,
(2) An extraordinary loss of $200,000, after tax, due to a plant explosion.

Required:
Prepare the 2015 income statement for Shaquille Corporation beginning with income before tax.



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  • CreatedJuly 15, 2014
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