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Prepare a correct income statement

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Reference no: EM13513606

In its proposed 2012 income statement, AIR Corporation reports income before income taxes $400,000, extraordinary loss due to earthquake $100,000, income taxes $120,000 (not including irregular items), loss on operation of discontinued flower division $50,000, and loss on disposal of discontinued flower division $90,000. The income tax rate is 30%. Prepare a correct income statement, beginning with "Income before income taxes."

Reference no: EM13513606

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