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Prepare the income statement for Cheyenne Corporation

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Question - For the year ended December 31, 2020, Cheyenne Corporation had income before taxes and discontinued operations of $1,070,000. During the year, Cheyenne disposed of one of its business segments for a gain of $300,000 before tax. Cheyenne had 50,000 common shares outstanding during the year. The company was subject to a 35% income tax rate. Prepare the income statement for Cheyenne Corporation beginning with the line "Income from continuing operations before income tax."

Reference no: EM132510262

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