For its fiscal year ending October 31, 2022, Crane Corporation reports the following partial data. Income before income taxes $530,000 Income tax expense (27% x $398,000) 107,460 Income from continuing operations 422,540 Loss on discontinued operations 132,000 Net income $290,540 The loss on discontinued operations was comprised of a $54,000 loss from operations and a $78,000 loss from disposal. The income tax rate is 27% on all items. (a) Prepare a correct partial income statement, beginning with income before income taxes. (Enter loss using either a negative sign preceding the number eg.-2,945 or parentheses eg. (2,945).) CRANE CORPORATION Partial Income Statement 2$
For its fiscal year ending October 31, 2022, Crane Corporation reports the following partial data. Income before income taxes $530,000 Income tax expense (27% x $398,000) 107,460 Income from continuing operations 422,540 Loss on discontinued operations 132,000 Net income $290,540 The loss on discontinued operations was comprised of a $54,000 loss from operations and a $78,000 loss from disposal. The income tax rate is 27% on all items. (a) Prepare a correct partial income statement, beginning with income before income taxes. (Enter loss using either a negative sign preceding the number eg.-2,945 or parentheses eg. (2,945).) CRANE CORPORATION Partial Income Statement 2$
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:For its fiscal year ending October 31, 2022, Crane Corporation reports the following partial data.
Income before income taxes
$530,000
Income tax expense (27% x $398,000)
107,460
Income from continuing operations
422,540
Loss on discontinued operations
132,000
Net income
$290,540
The loss on discontinued operations was comprised of a $54,000 loss from operations and a $78,000 loss from disposal. The income
tax rate is 27% on all items.
(a)
Prepare a correct partial income statement, beginning with income before income taxes. (Enter loss using either a negative sign preceding
the number eg.-2,945 or parentheses eg. (2,945).)
CRANE CORPORATION
Partial Income Statement
24
%24
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