Problem: Marsh Corporation reported the following pre-tax income statement for the year ended December 31, 2009.
Extraordinary gain $63,000
Income from discontinued operations $42,000
Income from continuing operations $458,000
Tax rate 45%
Enter the appropriate amounts in the following partial income statement:
Income from continuing operations before income taxes $_________
Income tax expense $___________
Income from continuing operations $___________
Discontinued operations, income of $__________, less income tax of $__________
Income before extraordinary gain $___________
Extraordinary gain, $ ___________, less income tax of $ __________
Net income $ _____________