For its fiscal year ending October 31, 2025, Ivanhoe Corporation reports the following partial data. Income...

Transcribed Image Text:

For its fiscal year ending October 31, 2025, Ivanhoe Corporation reports the following partial data. Income before income taxes - $448,200 Income tax expense (20% x $348,600) 69,720 Income from continuing operations 378,480 Loss on discontinued operations Net income 99,600 $278,880 The loss on discontinued operations was comprised of a $41,500 loss from operations and a $58,100 loss from disposal. The income tax rate is 20% on all items. (a) Prepare a correct partial income statement, beginning with income before income taxes. IVANHOE CORPORATION Income Statement (Partial) For the Year Ended October 31, 2025 For its fiscal year ending October 31, 2025, Ivanhoe Corporation reports the following partial data. Income before income taxes - $448,200 Income tax expense (20% x $348,600) 69,720 Income from continuing operations 378,480 Loss on discontinued operations Net income 99,600 $278,880 The loss on discontinued operations was comprised of a $41,500 loss from operations and a $58,100 loss from disposal. The income tax rate is 20% on all items. (a) Prepare a correct partial income statement, beginning with income before income taxes. IVANHOE CORPORATION Income Statement (Partial) For the Year Ended October 31, 2025