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Accounting

Problem:

Canton Corporation reported the following items in its adjusted trial balance for the year ended December 31, 2011:

Income from continuing operations before income taxes $110,000
Extraordinary gain on property condemnsation 28,000
Extraordinary loss on natural disaster (50,000)
Canton is subject to a 30% tax rate.

Required:

Question: Prepare the December 31, 2011, income statement for Canton Corporation, starting with income from continuing operations before income taxes.

Note: Show supporting computations in good form.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91164319

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