Exercise 13-1 Utech Company has income before irregular items of $345,200 for the year ended December 31, 2014. It also has the following items (before considering income taxes): (1) an extraordinary fire loss of $73,400 and (2) a gain of $38,500 from the disposal of a division. Assume all items are subject to income taxes at a 34% tax rate. Prepare Utech Company's income statement for 2014, beginning with "Income before irregular items." UTECH COMPANY Partial Income Statement For the Year Ended December 31, 2014 345200 Income before Irregular Items Discontinued Operations Gain from Disposal of Division Extraordinary Item Fire Loss Net Income / (Loss)