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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 $ 854 (404) 450 (198) (33) 219 (120) $ 99 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 (s in millions) Gross profit (loss) Operating expenses Income from continuing operations before income taxes 0 Income before discontinued operations Net income (loss)
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