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Calculate the income tax expense on continuing operations

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Reference no: EM132509758

Question - Blossom Corporation reported the following pre-tax amounts for the year ended August 31, 2021: profit before income tax (on the company's continuing operations), $332,000; loss from discontinued operations, $92,000; and gain on disposal of assets of discontinued operations, $61,000. Blossom is subject to a 21% income tax rate.

Required -

1. Calculate the income tax expense on continuing operations.

2. Calculate any income tax expense or savings on each item of discontinued operations.

Reference no: EM132509758

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