Exercise 16-33 (Static) Intraperiod tax allocation [LO16-10]

The following income statement does not reflect intraperiod tax allocation.

INCOME STATEMENT For the Fiscal Year Ended March 31, 2021 ($ in millions)
Sales revenue	$	830
Cost of goods sold		(350	)
Gross profit		480
Operating expenses		(180	)
Income tax expense		(54	)
Income before discontinued operations		246
Loss from discontinued operations		(84	)
Net income	$	162

The companys tax rate is 25%. Required: Recast the income statement to reflect intraperiod tax allocation. (Loss amounts should be indicated with a minus sign. Enter your answers in millions (i.e., 5,500,000 should be entered as 5.5).)