Income Statement Sections

statement, beginning with the $$850,000$ income from continuing operations. Follow tax allocation procedures, assuming that all changes in income are subject to a $35$ percent income tax rate. Disregard earnings per share disclosures.

Do not use negative signs with any of your answers.Income Statement Sections

During the current year, Dale Corporation sold a segment of its business at a gain of $$210,000.$ Until it was sold, the segment had a current period operating loss of $$75,000.$ The company had $$850,000$ income from continuing operations for the current year. Prepare the lower part of the income statement, beginning with the $$850,000$ income from continuing operations. Follow tax allocation procedures, assuming that all changes in income are subject to a $35$ percent income tax rate. Disregard earnings per share disclosures.

Do not use negative signs with any of your answers.

Income from Continuing Operations Answer $1$

$0$

Discontinued Operations

Loss from operations of discontinued segment Answer $2$

$0$

Gain on disposal of discontinued segment Answer $3$

$0$

Answer $4$

$0$

Net Income Answer $5$

$0$