Denver Corporation has the following events for the year ending December 31, 20XX. Income tax rate is 30%. Income from continuing operations - 487,200; gain on disposal of plastics division - 500,000; loss from tornado disaster - 600,000; income from operations of plastic division - 70,000; retained earnings - 675,000. Instructions: prepare in proper format the income statement, starting with income from continuing operations.

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A: Please find the answer to the above question below:

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A: Formulas:

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A: Step 1 Journal is the Part of Book Keeping.

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Q: 1. Compute X Solutions Residual Income, was the performance of the division acceptable?

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A: calculation of income or loss from discontinued operations are as follows

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