The following income statement does not reflect intraperiod tax allocation.

Required:

Recast the income statement to reflect intraperiod tax allocation. The company's tax rate is 40%.

Income Statement
Revenues	$830,000,000
COGS	$(350,000,000)
Gross Profit	$480,000,000
Operating Exp.	$(180,000,000)
Income Tax Exp.	$(86,000,000)
Income before Discount	$214,000,000
Loss from Discount	$(85,000,000)
Net Income	$129,000,000