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Prepare a correct income statement

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Question - An inexperienced accountant for Ming Limited showed the following in the income statement: income before income taxes and discontinued operations $400,000, income from operation of discontinued retail division (before taxes) $10,000, and loss from disposal of discontinued retail division (before taxes) $80,000. The applicable tax rate is 30%. Prepare a correct income statement.

Reference no: EM132967257

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