Exercise 16-34 (Static) Intraperiod tax allocation; financial statement effects [LO16-10] The following income statement does not reflect intraperiod tax allocation. INCOME STATEMENT For the Fiscal Year Ended March 31, 2024 ($ in millions) Sales revenue Cost of goods sold. Gross profit Operating expenses Income tax expense Income before discontinued operations Loss from discontinued operations Net income The company's tax rate is 25%. Gross profit (loss) Required: Recast the income statement to reflect intraperiod tax allocation. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (i.e., 5,000,000 should be entered as 5). Operating expenses Income from continuing operations before income taxes $ 830 (350) 480 Income before discontinued operations Net income (loss) (180) (54) 246 (84) $ 162 Income Statement For the fiscal year ended March 31, 2024 ($ in millions)

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