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The following income statement does not reflect intraperiod tax allocation. INCOME STATEMENT For the Fiscal Year Ended March 31, 2021 ($ in millions) Sales revenue
The following income statement does not reflect intraperiod tax allocation. INCOME STATEMENT For the Fiscal Year Ended March 31, 2021 ($ in millions) Sales revenue Cost of goods sold Gross profit Operating expenses Income tax expense Income before discontinued operations Loss from discontinued operations Net income $ 886 (452) 434 (214) (17) 203 (152) $ 51 The company's tax rate is 25%. Required: Recast the income statement to reflect intraperiod tax allocation. (Loss amounts should be indicated with a minus sign. Enter your answers in millions (i.e., 5,500,000 should be entered as 5.5).) Income Statement For the fiscal year ended March 31, 2021 ($ in millions) Gross profit (loss) Operating expenses Income from continuing operations before income taxes Income before discontinued operations Net income (loss)
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