Shaquille Corporation has operating income of $1.7 million, a loss on sale of investments of $200,000, and income tax expense of
$425,000 for the year ended December 31, 2024, before considering the following item: a $275,000 gain, after tax, from the disposal
of an operating segment.
Required:
Prepare the 2024 multiple step income statement for Shaquille Corporation beginning with operating income. (Enter your answer in
dollars, not millions. (i.e., $5.5 million should be entered as 5,500,000).)
SHAQUILLE CORPORATION
Income Statement
For the Year Ended December 31, 2024
Operating income
Income before tax
Discontinued operation:
$ 1,700,000