The following income statement does not reflect Intraperiod tax allocation. 10 points INCOME STATEMENT For...
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The following income statement does not reflect Intraperiod tax allocation. 10 points INCOME STATEMENT For the Fiscal Year Ended March 31, 2021 (5 in millions) Sales revenue Cost of goods sold Gr 055 Profit Operating expenses Income tax expense Income before discontinued operations Loss from discontinued operations Net Income $ 838 (358) 480 (180) (54 246 (84) $ 162 The company's tax rate is 25% Required: Recast the income statement to reflect Intraperlod tax allocation. (Loss amounts should be indicated with a minus sign. Enter your answers in millions (t.e., 5.500.000 should be entered as 5.5).) Answer is complete but not entirely correct. Income Statement For the fiscal year ended March 31, 2021 ($ in millions) Sales revenue 830 Cost of goods sold 350 Gross profit (loss) $ 480 Operating expenses (180) Income from continuing operations before income taxes 300 Income tax expense 88 % Income before discontinued operations 234 Loss from discontinued operations, net of tax (51) > > Net income (loss) IS 162
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