I need hepl with the empty blanks The following information has been obtained for Sheridan Corporation.1.Prior to 2020, taxable income and pretax financial income were identical.2.Pretax fınancial income is $1,634,000 in 2020 and $1,359,000O in 2021.On January 1, 2020, equipment costing $1,260,000 is purchased. It is to be depreciated on a straight-line basis over 5 yearsfor tax purposes and over 8 years for financial reporting purposes. (Hint: Use the half-year convention for tax purposes, asdiscussed in Appendix 11A.)3.4.Interest of $57,000 was earned on tax-exempt municipal obligations in 2021.5.Included in 2021 pretax fınancial income is a gain on discontinued operations of $195,000, which is fully taxable.6.The tax rate is 20% for all periods.7.Taxable income is expected in all future years. Prepare the bottom portion of Sheridan's 2021 income statement, beginning with "Income from continuing operations beforeincome taxes." (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)Sheridan CorporationIncome Statement (Partial)For the Year Ended December 31, 2021Income from Continuing Operations before Income Taxes116400Income Tax ExpenseCurrentDeferredIncome from Continuing OperationsGain on Discontinued Operations195000Less v:-39000i15600Net Income / (Loss)$%24%24

Income statement refers to a statement which shows the revenue and expense of the company of a…

Prepare the bottom portion of Sheridan's 2021 income statement, beginning with “Income from continuing operations before income taxes." (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Prepare the bottom portion of Sheridan's 2021 income statement, beginning with “Income from continuing operations before income taxes." (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

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 5MC: At the beginning of 2019, Conley Company purchased an asset at a cost of 10,000. For financial...

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I need hepl with the empty blanks

The following information has been obtained for Sheridan Corporation.
1.
Prior to 2020, taxable income and pretax financial income were identical.
2.
Pretax fınancial income is $1,634,000 in 2020 and $1,359,000O in 2021.
On January 1, 2020, equipment costing $1,260,000 is purchased. It is to be depreciated on a straight-line basis over 5 years
for tax purposes and over 8 years for financial reporting purposes. (Hint: Use the half-year convention for tax purposes, as
discussed in Appendix 11A.)
3.
4.
Interest of $57,000 was earned on tax-exempt municipal obligations in 2021.
5.
Included in 2021 pretax fınancial income is a gain on discontinued operations of $195,000, which is fully taxable.
6.
The tax rate is 20% for all periods.
7.
Taxable income is expected in all future years.

Prepare the bottom portion of Sheridan's 2021 income statement, beginning with "Income from continuing operations before
income taxes." (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Sheridan Corporation
Income Statement (Partial)
For the Year Ended December 31, 2021
Income from Continuing Operations before Income Taxes
116400
Income Tax Expense
Current
Deferred
Income from Continuing Operations
Gain on Discontinued Operations
195000
Less v:
-39000
i
15600
Net Income / (Loss)
$
%24
%24

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