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Wilcox Corporation had income from continuing operations of €900,000 (after taxes) in 2022. In addition, the following information has not been considered.
1. A machine was sold for €140,000 cash during the year at a time when its book value was €110,000. (Depreciation has been properly recorded.) The company often sells machinery of this type.
2. Wilcox decided to discontinue its stereo division in 2022. During the current year, the loss on the disposal of this component of the business was €170,000 less applicable taxes.
Present in good form the income statement of Wilcox Corporation for 2022 starting with "income from continuing operations." Assume that Wilcox's tax rate is 30%. The company had 200,000 ordinary shares outstanding during the year and paid no preferred dividends.
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