Question: The following income statement does not reflect intraperiod tax allocation. INCOME STATEMENT For the Fiscal Year Ended March 31, 2018 ($ in millions) Revenues $

The following income statement does not reflect intraperiod tax allocation. INCOME STATEMENT For the Fiscal Year Ended March 31, 2018 ($ in millions) Revenues $ 905 Cost of goods sold Gross profit Operating expenses Income tax expense Income before discontinued operations Loss from discontinued operations , net of tax (380) 525 (190) (96) 239 (95) Net income 144 The company's tax rate is 40% Required: Recast the income statement to reflect intraperiod tax allocation. (Loss amounts should be indica a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should entered as 5.5).) Recast the income statement to reflect intra period tax allocation. (Loss amounts s a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5, entered as 5.5).) Answer is complete but not entirely correct. Income Statement For the fiscal year ended March 31, 2018 ($ in millions) Revenues 905.0 Cost of goods sold (380.0) Gross profit (loss) 525.0 190.0 Operating expenses 335.0 Income from continuing operations before income taxes 95.0 Income tax expense 240.0 Income before discontinued operations 95.0 Loss from discontinued operations, net of tax 57.0 Income from continuing operations before income taxes 144,0 Net income (loss)
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