Question: Income Statement Sections During the current year, Newtech Corporation sold a segment of its business at a loss of $393,750. Until it was sold, the

Income Statement Sections During the current year, Newtech Corporation sold a

Income Statement Sections During the current year, Newtech Corporation sold a segment of its business at a loss of $393,750. Until it was sold, the segment had a current period operating loss of $350,000. The company had $1,312,500 from continuing operations for the current year. Prepare the lower part of the income statement, beginning with the $1,312,500 income from continuing operations. Follow tax allocation procedures, assuming that all changes in income are subject to a 35% income tax rate. Disregard earnings per share disclosures. (Round all calculations to nearest dollar amount.)

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