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C4:

During 2020, Serak Co. reported income of $1,500,000 before income taxes and realized a gain of $450,000 from the disposal of assets of a discontinued division. The income is subject to taxation at 30%. There are 100,000 issued shares and 10,000 shares of treasury stock. These number of shares have not changed during the year. Indicate an appropriate presentation on the Income Statement.