Business, 13.10.2021 23:40 jessica94866

Canton Corporation reported the following items in its adjusted trial balance for the year ended December 31, 2021: Income from continuing operations before income taxes $106,000
Gain on disposal of discontinued component 24,400
Loss from operations of discontinued component (46,000)

Canton is subject to a 25% tax rate.

Required:
Prepare the December 31, 2021, income statement for Canton Corporation, starting with income from continuing operations before income taxes. (Amounts to be deducted should be indicated with a minus sign.)

Answers: 3

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Canton Corporation reported the following items in its adjusted trial balance for the year ended Dec...