In its proposed 2014 income statement, Grinders Corporation reports income before income taxes $500,000, income taxes $175,000

Question:

In its proposed 2014 income statement, Grinders Corporation reports income before income taxes $500,000, income taxes $175,000 (not including irregular items), loss on operation of discontinued music division $60,000, and gain on disposal of discontinued music division $40,000. The income tax rate is 35%. Prepare a correct income statement, beginning with income before income taxes.

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...