Pharoah Corporation reported the following pre-tax amounts for the year ended August 31, 2021: profit before income tax (on the company's continuing operations), $325,000; loss from discontinued operations, $87,600; and gain on disposal of assets of discontinued operations, $68,000. Pharoah is subject to a 23% income tax rate. Calculate the income tax expense on continuing operations Income tax expense on continuing operations $ Calculate any income tax expense or savings on each item of discontinued operations. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses e.g.(45)) Income tax on operating losses Income tax V on gain on disposal of assets $ Total income tax on discontinued operations $ expense savings Saint Attempts: 0 of 1 used Submit Answer Dividends in a corporation are the equivalent of drawings in a proprietorship. O True O False