Shaquille Corporation has operating income of $1.7 million, a loss on write-down of inventory of $200,000, and income tax expense of $425,000 for the year ended December 31, 2021, before considering the following item: a $275,000 gain, after tax, from the disposal of an operating segment. Required: Prepare the 2021 multiple step income statement for Shaquille Corporation beginning with operating income.
Shaquille Corporation has operating income of $1.7 million, a loss on write-down of inventory of $200,000, and income tax expense of $425,000 for the year ended December 31, 2021, before considering the following item: a $275,000 gain, after tax, from the disposal of an operating segment. Required: Prepare the 2021 multiple step income statement for Shaquille Corporation beginning with operating income.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Shaquille Corporation has operating income of $1.7 million, a loss on write-down of inventory of $200,000, and income tax expense of $425,000 for the year ended December 31, 2021, before considering the following item: a $275,000 gain, after tax, from the disposal of an operating segment.
Required:
Prepare the 2021 multiple step income statement for Shaquille Corporation beginning with operating income.
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