Question: The following income statement does not reflect intraperiod tax allocation. INCOME STATEMENTFor the Fiscal Year Ended March 3 1 , 2 0 2 4 (

The following income statement does not reflect intraperiod tax allocation.
INCOME STATEMENTFor the Fiscal Year Ended March 31,2024($ in millions)Sales revenue$ 846Cost of goods sold(392)Gross profit454Operating expenses(194)Income tax expense(37)Income before discontinued operations223Loss from discontinued operations(112)Net income$ 111
The companys tax rate is 25%.

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