Question: The following income statement does not reflect intraperiod tax allocation. Required: Recast the income statement to reflect intraperiod tax allocation. The company?s tax rate is

The following income statement does not reflect intraperiod tax allocation.

Required:Recast the income statement to reflect intraperiod tax allocation.

INCOME STATEMENT For the Fiscal Year Ended March 31, 2021 ($ in

The company?s tax rate is 25%.

INCOME STATEMENT For the Fiscal Year Ended March 31, 2021 ($ in millions) $830 Sales revenue (350) Cost of goods sold Gross profit Operating expenses 480 (180) Income tax expense (54) Income before discontinued operations Loss from discontinued operations 246 (84) $162 Net income

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