Thisnis from the Intermediate Accounting 9th edition by Spiceland, Nelson, and Thomas. It is E 16 - 30.

I just don't understand where the Income from continuing operations before Income taxes of $300,000 is on the problem at?

The following income statement does not reflect intraperiod tax allocation. Required: Recast the income statement to reflect intraperiod tax allocation. INCOME STATEMENT For the Fiscal Year Ended March 31, 2018 ($ in millions) Revenues $830 Cost of goods sold (350) Gross profit 480 Operating expenses (180) Income tax expenso (86 Income before discontinued operations 214 Loss from discontinued operations (85) Net income $129 The company's tax rate is 40%. Step-by-step solution Present the income statement after incorporating intra-period tax allocation Income Statement For the Fiscal Year Ended March 31, 2016 Revenues $830,000,000 Cost of goods sold (350,000,000) Gross profit 480,000,000 Operating expenses (180,000,000) Income from continuing operations before income taxes 300,000,000 Income tax expense (120.000.000) Income before discontinued operations and extraordinary item 180,000,000 Loss from discontinued operations (net of $34 income tax benefit) (51,000,000) Net income $129,000,000