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Russell-James Corporation is a diversified consumer products company. During 2021, Russell-James discontinued its line of cosmetics, which constituted discontinued operations for financial reporting purposes. As vice president of the food products division, you are interested in the effect of the discontinuance on the company's profitability. One item of information you requested was an income statement. The income statement you received was labeled preliminary and unaudited: RUSSELL-JAMES CORPORATION Income Statement For the Year Ended December 31, 2021 (S in millions, except per share amounts) $ 300 (90) 210 (50) Sales revenue Cost of goods sold Gross profit Selling and administrative expenses Income from continuing operations before income taxes Income tax expense Income from continuing operations Discontinued operations: 160 (19) 141 $(100) Loss from operations of cosmetics division Gain from disposal of cosmetics division 16 (84) Net income 57 Per Share of Common Stock (100 million shares): $ 1.41 (1.00) Income from continuing operations Loss from operations of cosmetics division Gain from disposal of cosmetics division Net income 0.16 $ 0.57 You are somewhat surprised at the magnitude of the loss incurred by the cosmetics division prior to its disposal. Another item that draws your attention is the apparently low tax rate indicated by the statement ($19 - 160 - 12%). Upon further investigation, you are told the company's tax rate is 25% Required: 1. Recast the income statement to reflect intraperiod tax allocation. 2. How would you reconcile the income tax expense shown on the statement above with the amount your recast statement reports