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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
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 |
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