Exercise $16-33($Algo$)$ Intraperiod tax allocation $[$LO$16-10]$

The following income statement does not reflect intraperiod tax allocation.

INCOME STATEMENT

For the Fiscal Year Ended March $31,2021$

$($$ in millions$)$

Sales revenue $ $878$

Cost of goods sold $(440)$

Gross profit $438$

Operating expenses $(210)$

Income tax expense $(21)$

Income before discontinued operations $207$

Loss from discontinued operations $(144)$

Net income $ $63$

The company$$s tax rate is $25\%.$

Required:

Recast the income statement to reflect intraperiod tax allocation. $($Loss amounts should be indicated with a minus sign. Enter your answers in millions $($i$.$e$.,5,500,000$ should be entered as $5\mathrm{.}5).)$