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E18-18 LO 18.6 Calculating Intraperiod Income Taxes EyeBeam Corporation reports the following pretax accounting and taxable) income items during 2019: Income from continuing operations $
E18-18 LO 18.6 Calculating Intraperiod Income Taxes 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 110,000) 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 pre- ceding 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 Eye Beam's 2019 income statement
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