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Prepare the december income statement for canton corporation

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Reference no: EM132056924

Question - 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 condemnation 28,000

Extraordinary loss on natural disaster (50,000)

Canton is subject to a 30% tax rate.

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

Reference no: EM132056924

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