Utech Company has income before irregular items of $374,400 for the year ended December 31, 2014. It also has the following items (before considering income taxes): (1) an extraordinary fire loss of $59,500 and (2) a gain of $27,700 from the disposal of a division. Assume all items are subject to income taxes at a 25% tax rate.
Prepare Utech Company’s income statement for 2014, beginning with Income before irregular items?