EyeBeam Corporation reports the following pretax accounting (and taxable) income items during 2019:
Income from continuing operations .................................................$ 90,000*
Loss from operations of a discontinued division ...............................(10,000)
Gain from the disposal of the discontinued division ...........................25,000
*Of this amount, revenues are $320,000 and expenses are ..........$230,000.

Required:
1. Prepare the journal entry necessary to record the 2019 intraperiod income tax allocation in regard to the preceding information. Assume a tax rate of 15% on the first $40,000 of income and a rate of 30% on income in excess of $40,000.
2. Prepare EyeBeam’s 2019 income statement.