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Wildhorse Ltd. has profit from continuing operations of \(\$ 340,000\) for the year ended December...

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Accounting

Wildhorse Ltd. has profit from continuing operations of \(\$ 340,000\) for the year ended December 31,2024. It also has the following before considering income tax: a net gain of \(\$ 49,000\) from the discontinuance of a component of the entity, which includes a \(\$ 75,0\) profit from the operation of the segment and a \(\$ 26,000\) loss on its disposal.
Assume that the income tax rate on all items is \(30\%\).
Prepare a partial income statement, beginning with profit from continuing operations, using the all-inclusive format.
WILDHORSE LTD.
Partial Statement of Income
\(]\)
\$
\$
]
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