Question: The following income statement does not reflect intraperiod tax allocation. INCOME STATEMENT For the Fiscal Year Ended March 31, 2018 ($ in millions) Revenues$1,070 Cost
The following income statement does not reflect intraperiod tax allocation. INCOME STATEMENT For the Fiscal Year Ended March 31, 2018 ($ in millions) Revenues$1,070 Cost of goods sold (446) Gross profit 624 Operating expenses (212) Income tax expense (118) Income before discontinued operations 294 Loss from discontinued operations, net of tax (117) Net income$177 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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