An inexperienced accountant for Fielder Corporation showed the following in Fielders 2014 income statement: Income before income taxes $373,500; Income tax expense $77,100; Extraordinary loss from flood (before taxes) $91,200; and Net income $172,900. The extraordinary loss and taxable income are both subject to a 32% tax rate.

Prepare a corrected income statement beginning with Income before income taxes

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FIELDER CORPORATION Income Statement (Partial) Income before Income Taxes 373500 Income Tax Expense 77100 Extraordinary Loss from Flood 7 29184 Income Tax Expense 55328 Net Income/(Loss) 211888