Preparing the Nonoperating Items Section of an Income Statement Gomez Inc. reported the following pretax amounts for the year. Loss from discontinued operations $96,000 Gain on sale of investments 10,000 36,000 800,000 96,000 Interest expense Operating income Loss on sale of patent Assuming an income tax rate of 25%, prepare the income statement beginning with Operating income. Ignore the earnings per share disclosures. Note: Use a negative sign only for an expense or loss item included in the section Other Revenues (Expenses).

Preparing the Nonoperating Items Section of an Income Statement Gomez inc. reported the following pretax amounts for the year. Assuming an income tax rate of 25%, prepare the income statement beginning with Operating income. Ignore the earnings per share disclosures. Note: Use a negative sign only for an expense or loss item included in the section Other Revenues (Expenses). Assuming an income tax rate of 25%, prepare the income statement beginning with Operating income. Ignore the earnings per share disclosures. Note: Use a negative sign only for an expense or loss item included in the section Other Revenues (Expenses)