Shaquille Corporation has income before tax of $1.2 million and income tax expense of $300,000 for the

Question:

Shaquille has income before tax of $1.2 million and income tax expense of $300,000 for the year ended December 31, 2012, before considering the following items: (1) a $225,000 gain, after tax, from the disposal of an operating segment, and (2) an extraordinary loss of $150,000, after tax, due to a plant explosion.
Required:
Prepare the 2012 income statement for Shaquille beginning with income before tax.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...