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Prepare an income statement beginning with income

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Reference no: EM132081184

Question - Trayer Corporation has income from continuing operations of $269,400 for the year ended December 31, 2014. It also has the following items (before considering income taxes).

1. An extraordinary loss of $71,200.

2. A gain of $46,600 on the discontinuance of a division.

3. A correction of an error in last year's financial statements that resulted in a $20,400 understatement of 2013 net income.

Assume all items are subject to income taxes at a 35% tax rate.

Prepare an income statement, beginning with income from continuing operations.

Reference no: EM132081184

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