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Discuss beginning with income from continuing operations

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Trayer Corporation has income from continuing operations of $273,000 for the year ended December 31, 2014. It also has the following items (before considering income taxes).

1. An extraordinary loss of $79,300.

2. A gain of $46,300 on the discontinuance of a division.

3. A correction of an error in last year's financial statements that resulted in a $27,400 understatement of 2013 net income.

Assume all items are subject to income taxes at a 33% tax rate.

(a) Prepare an income statement, beginning with income from continuing operations

Reference no: EM131815293

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