Maulder Corporation has income from continuing operations of $267,100 for the ye

Question

Maulder Corporation has income from continuing operations of $267,100 for the year ended December 31, 2014. It also has the following items (before considering income taxes).

1.
An extraordinary loss of $76,800. 2.
A gain of $25,800 on the discontinuance of a division. 3.
A correction of an error in last year Maulder Corporation has income from continuing operations of $267,100 for the year ended December 31, 2014. It also has the following items (before considering income taxes).

1.
An extraordinary loss of $76,800. 2.
A gain of $25,800 on the discontinuance of a division. 3.
A correction of an error in last year 1.
An extraordinary loss of $76,800. 2.
A gain of $25,800 on the discontinuance of a division. 3.
A correction of an error in last year Maulder Corporation has income from continuing operations of $267,100 for the year ended December 31, 2014. It also has the following items (before considering income taxes). Assume all items are subject to income taxes at a 29% tax rate. Prepare an income statement, beginning with income from continuing operations.

Explanation / Answer

Hi,

Please find the answer as follows:

MAULDER CORPORATION
Partial Income Statement
For the Year Ended December 31, 2014

Thanks.

Income before Income Taxes or from Continuing Operations
267100 Income Tax Expense (267100*29%) 77459 Income Before Extraordinary Item 189641 Extraordinary Loss (Net of Tax) (76800*(1-.29)) 54528 Net Income 135113

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