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Shaquille Corporation has operating income of $0.75 million, a loss on write-down of inventory of $105,000, and income tax expense of $187,500 for the
Shaquille Corporation has operating income of $0.75 million, a loss on write-down of inventory of $105,000, and income tax expense of $187,500 for the year ended December 31, 2021, before considering the following item: a $180,000 gain, after tax, from the disposal of an operating segment. Required: Prepare the 2021 multiple step income statement for Shaquille Corporation beginning with operating income. (Enter your answer in dollars, not millions. (L.e., $5.5 million should be entered as 5,500,000).) Answer is not complete. SHAQUILLE CORPORATION Income Statement For the Year Ended December 31, 2021 Operating income Inventory write-down Income before tax Income tax expense Income from continuing operations 00000 S 750,000 105,000 645,000 187,500 457,500 Discontinued operation: Gain from disposal of operating segment, net of tax 0 180,000 Net income 6
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