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Income statement to reflect intraperiod tax allocation

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Reference no: EM133379605

Question: The following income statement does not reflect intraperiod tax allocation. INCOME STATEMENT For the Fiscal Year Ended March 31, 2024 ($ in millions) Sales revenue $ 874 Cost of goods sold (434) Gross profit 440 Operating expenses (208) Income tax expense (23) Income before discontinued operations 209 Loss from discontinued operations (140) Net income $ 69 The company's tax rate is 25%. Required: Recast the income statement to reflect intraperiod tax allocation.

Reference no: EM133379605

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