Income Statement Sections During the current year, Dale Corporation incurred an extraordinary tornado loss of $310,000 and sold a segment of its business at a gain of $197,000. Until it was sold, the segment had a current period operating loss of $76,000. Also, the company discovered that an error caused last years ending inventory to be understated by $32,000 (a material amount). The company had $810,000 income from continuing operations for the current year. Prepare the lower part of the income statement, beginning with the $810,000 income from continuing operations. Follow tax allocation procedures, assuming that all changes in income are subject to a 40 percent income tax rate. Disregard earnings per share disclosures.

Income from Continuing Operations		$Answer
Discontinued Operations
Loss from operations of discontinued segment	$Answer
Gain on disposal of discontinued segment	Answer	Answer
Income before Extraodinary Item		Answer
Extraordinary Item
Tornado Loss		Answer
Net Income		$Answer