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Canton Corporation reported the following items in its adjusted trial balance for the year ended December 31, 2011:
Income from continuing operations before income taxes $110,000
Extraordinary gain on property condensation 28,000
Extraordinary loss on natural disaster (50,000)
Canton is subject to a 30% tax rate.
Required: Prepare the December 31, 2011, income statement for Canton Corporation, starting with income from continuing operations before income taxes.
Explain whether users of financial statements should exercise caution when interpreting financial statement compliant with GAAP and explain why the advantages of ‘accrual accounting' outweigh the disadvantages of ‘earnings management'.
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