Baxter, Inc., reported income from continuing operations (before taxes) of $55,000. In addition, there was a $15,000 loss from an unusual and infrequent flood. Taxes of $16,500 (30%) were paid.
Required:
Prepare the bottom portion of the income statement.

Question

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The Answer of Baxter, Inc., reported income from continuing operations (before taxes) of $55,000. In addition, there was a $15,000 loss from an unusual and infrequent flood. Taxes of $16,500 (30%) were paid.
Required:
Prepare the bottom portion of the income statement.