Canton corporation reported the following items in its, Financial Accounting

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Canton corporation reported the following items in its

Canton Corporation reported the following items in its adjusted trial balance for the year ended December 31, 2011:

Income from continuing operations before income taxes $110,000

Extraordinary gain on property condensation 28,000

Extraordinary loss on natural disaster (50,000)

Canton is subject to a 30% tax rate.

Required: Prepare the December 31, 2011, income statement for Canton Corporation, starting with income from continuing operations before income taxes.

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Financial Accounting: Canton corporation reported the following items in its

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Financial Accounting: Canton corporation reported the following items in its

Reference No:- TGS01002307

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