(TCO 5) Using the information below and starting with "Income before taxes and extraordinary items", prepare the last part of the income statement for Misty Company. In your response, be sure to indicate the following for full credit:

- Income before taxes and extraordinary items - Income tax expense - Income before extraordinary items - Extraordinary item(s), net of tax - Net Income Misty Company reported the following before-tax items during the current year:

Sales - $600 Operating expenses - $250 Restructuring charges - $20 Extraordinary loss - $50 Misty's effective tax rate is 40%.