### Challenge Exercise 18-06 aFor its fiscal year ending October 31, 2020, Antonio Corporation reports the following partial data:- **Income before income taxes**: $423,000- **Income tax expense (40% x $536,000)**: $214,400- **Income from continuing operations**: $208,600- **Gain from discontinued operations**: $113,000- **Net income**: $321,600The income tax rate is 40% on all items.#### (a) Prepare a correct income statement, beginning with income before income taxes.**ANTONIO CORPORATION** **Partial Income Statement**| Description | Amount ($) ||:-----------------------------------------:|:----------:|| Income before income taxes | [Blank] || Income tax expense | [Blank] || **Income from continuing operations** | [Blank] || Gain from discontinued operations | [Blank] || **Net income** | [Blank] |Please fill in the blanks with the appropriate values.### Instructions:For each field in the table, provide the necessary amounts calculated from the given data:- Income before income taxes should be placed in the first blank.- Subtract the income tax expense to derive the income from continuing operations.- Add the gain from discontinued operations to the income from continuing operations to get the net income.### Note:The visual representation provided is a partially filled income statement, with four input fields awaiting completion by the student.#### Other Details:The surrounding interface depicts a typical online educational platform where students can save their work for later or submit their assignments directly. The platform also shows that students can attempt the question an unlimited number of times.

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Answered: For its fiscal year ending October 31,…

For its fiscal year ending October 31, 2020, Antonio Corporation reports the following partial data. Income before income taxes $423.000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Subject: acounting
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