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 $ 1,055
Cost of goods sold (440 )
Gross profit 615
Operating expenses (210 )
Income tax expense (116 )
Income before discontinued operations 289
Loss from discontinued operations, net of tax (115 )
Net income $ 174

The companys tax rate is 40%. Required: Recast the income statement to reflect intraperiod tax allocation. (Loss amounts should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).)

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