Esquire comic book company had income before tax of $1,700,000 in 2016 before considering the following material items: 1. esquire sold one of its operating divisions, which qualified as a separate component according to generally accepted accounting principles. the before-tax loss on disposal was $420,000. the division generated before-tax income from operations from the beginning of the year through disposal of $640,000. neither the loss on disposal nor the operating income is included in the $1,700,000 before-tax income the company generated from its other divisions. 2. the company incurred restructuring costs of $75,000 during the year. required: prepare a 2016 income statement for esquire beginning with income from continuing operations. assume an income tax rate of 40%. ig
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Esquire comic book company had income before tax of $1,700,000 in 2016 before considering the follow...
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