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Prepare a partial income statement

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Reference no: EM132830026

Problem - Cullumber Ltd. has profit from continuing operations of $320,000 for the year ended December 31, 2021. It also has the following before considering income tax: a net gain of $80,000 from the discontinuance of a component of the entity, which includes a $105,000 profit from the operation of the segment and a $25,000 loss on its disposal.

Assume that the income tax rate on all items is 30%.

Required - Prepare a partial income statement, beginning with profit from continuing operations, using the all-inclusive format.

Reference no: EM132830026

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