Question
Canton Corporation reported the following items in its adjusted trial balance for the year ended December 31, 2016: Income from continuing operations before income taxes
Canton Corporation reported the following items in its adjusted trial balance for the year ended December 31, 2016:
| Income from continuing operations before income taxes | $110,000 |
| Gain on disposal of discontinued component | 28,000 |
| Loss from operations of discontinued component | (50,000 ) |
Canton is subject to a 30% tax rate. Required: Prepare the December 31, 2016, income statement for Canton Corporation, starting with income from continuing operations before income taxes.
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Internal Quality Auditing
Authors: Denis Pronovost
1st Edition
0873894766, 9780873894760
