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 $ 845
Cost of goods sold (356)
Gross profit 489
Operating expenses (182)
Income tax expense (88)
Income before discontinued operations 219
Loss from discontinued operations, net of tax (87)
Net income $ 132

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).)

Income Statement
For the fiscal year ended March 31, 2018
($ in millions)
Gross profit (loss)
Operating expenses
Income from continuing operations before income taxes 0.0
Income before discontinued operations

Net income Loss

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