Please help me experts Canton Corporation reported the following items in its adjusted trial balance for the year ended December 31, 2021:Income from continuing operations before income taxesGain on disposal of discontinued componentLoss from operations of discontinued component$103,00021,700(43,000)Canton is subject to a 25% tax rate.Required:Prepare the December 31, 2021, income statement for Canton Corporation, starting with income from continuing operations beforeincome taxes. (Amounts to be deducted should be indicated with a minus sign.)CANTON CORPORATIONPartial Income StatementFor the Year Ended December 31, 2021Income from continuing operationsDiscontinued operations:Loss on discontinued operationsNet income (loss)

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Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter18: Accounting For Income Taxes

Section: Chapter Questions

Problem 9MC: Brooks Company reported a prior period adjustment of 512,000 in pretax financial "income" and...

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Question

Please help me experts

Canton Corporation reported the following items in its adjusted trial balance for the year ended December 31, 2021:
Income from continuing operations before income taxes
Gain on disposal of discontinued component
Loss from operations of discontinued component
$103,000
21,700
(43,000)
Canton is subject to a 25% tax rate.
Required:
Prepare the December 31, 2021, income statement for Canton Corporation, starting with income from continuing operations before
income taxes. (Amounts to be deducted should be indicated with a minus sign.)
CANTON CORPORATION
Partial Income Statement
For the Year Ended December 31, 2021
Income from continuing operations
Discontinued operations:
Loss on discontinued operations
Net income (loss)

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