Chapter 16 - Assignment #8 The following income statement does not reflect intraperiod tax allocation. 6.66 points INCOME STATEMENT For the Fiscal Year Ended March 31, 2018 ($ in millions) Revenues Cost of goods sold Gross profit Operating expenses Income tax expense Income before discontinued operations Loss from discontinued operations, net of tax Net income $ 950 (398) 552 (196) (182) (101) 153 $ The company's tax rate is 40% Required: Recast the income statement to reflect intraperiod tax allocation. (Loss amount answers in millions rounded to 1 decimal place i.e., 5,500,000 should be en References Income Statement For the fiscal year ended March 31, 2018 (5 in millions) Gross profit (loss) Operating expenses Income from continuing operations before income taxes Income before discontinued operations Net income (loss)