eBook Calculator Print Item Complex Income Statement The following items were derived from Woodbine Circle Corporation's adjusted trial balance on December 31, 2019: Credit Debit Cash $500,000 Accounts receivable, net 1,500,000 2,500,000 Inventory Property, plant, and equipment 15,100,000 Accumulated depreciation $4,900,000 Accounts payable 2,200,000 Income taxes payable 200,000 Notes payable 1,000,000 Common stock ($1 par value) 1,000,000 5,800,000 Additional paid-in capital 3,000,000 Retained earnings, January 1, 2019 10,100,000 Sales-regular 2,000,000 Sales-AL Division 6,200,000 Cost of sales-regular 900,000 Cost of sales-AL Division 2,000,000 Administrative expenses-regular Administrative expenses-AL 300.000 * V nment Print Item Calculator eBook Administrative expenses- regular 2,000,000 Administrative expenses-AL 300,000 Division 210,000 Interest expense- regular 140,000 Interest expense-AL Division 250,000 Loss on sale of AL Division 300,000 Gain on sale of land r 900,000 Income tax expense $30,500,000 $30,500, 000 Other financial data for the year ended December 31, 2019: Federal Income Taxes Paid with federal income tax return $700,000 Accrued 200,000 Total income tax expense (estimated) $900,000 Tax rate on all types of taxable income 40% Discontinued Operations On September 30, 2019, Woodbine sold its Auto Leasing (AL) Division for eBook Calculator Print Item On September 30, 2019, Woodbine sold its Auto Leasing (AL) Division for $4,000,000. The book value of this division was $4,250,000 at that date. For financial statement purposes, this sale was considered as a discontinued operation of a component of the company. Capital Structure Common stock, par value $1 per share. Number of shares outstanding during all of 2019 1,000,000 Required: Prepare a schedule of the income taxes on continuing operations to be used in the completion of the income stat- Schedule 1: Income Taxes on Continuing Operations