Discontinued operations.
Use the following information to construct a partial income statement beginning with income from continuing operations.
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Income from continuing operations
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$230,000
|
|
Loss during the year from operating discontinued operations
|
50,000
|
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Tax benefit of loss
|
8,500
|
|
Loss from sale of discontinued operations
|
138,500
|
|
Tax savings from loss on the sale
|
41,000
|