During the current year, Dale Corporation sold a segment of its business at a gain of $199,000. Until it was sold, the segment had a current period operating loss of $78,000. The company had $830,000 income from continuing operations for the current year. Prepare the lower part of the income statement, beginning with the $830,000 income from continuing operations. Follow tax allocation procedures, assuming that all changes in income are subject to a 40 percent income tax rate. Disregard earnings per share disclosures. Do not use negative signs with any of your answers.  Income from Continuing Operations   Answer   Discontinued Operations     Loss from operations of discontinued segment Answer     Gain on disposal of discontinued segment Answer   Answer   Net Income   Answer

Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
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Problem 19BEA
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Income Statement Sections
During the current year, Dale Corporation sold a segment of its business at a gain of $199,000. Until it was sold, the segment had a current period operating loss of $78,000. The company had $830,000 income from continuing operations for the current year. Prepare the lower part of the income statement, beginning with the $830,000 income from continuing operations. Follow tax allocation procedures, assuming that all changes in income are subject to a 40 percent income tax rate. Disregard earnings per share disclosures.

Do not use negative signs with any of your answers. 

Income from Continuing Operations   Answer
 
Discontinued Operations    
Loss from operations of discontinued segment Answer
 
 
Gain on disposal of discontinued segment Answer
 
Answer
 
Net Income   Answer
 
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