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For its fiscal year ending October 31, 2022, Indigo Corporation reports the following partial income statement data. Income before income taxes $592,000 Income tax

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For its fiscal year ending October 31, 2022, Indigo Corporation reports the following partial income statement data. Income before income taxes $592,000 Income tax expense (40% x $592,000) 236,800 Income from continuing operations 355,200 Gain from discontinued operations 94,000 Net income $449,200 The gain from discontinued operations consists of two parts: a $47,000 loss from operations and a $141,000 gain from the disposal of the operation. The income tax rate is 40% on all items. Prepare a correct income statement, beginning with income before income taxes. INDIGO CORPORATION Income Statement (Partial) > $ $ $

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