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Given the Following Information About a Corporation's Current Year Activities,answer

Question 145

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Given the following information about a corporation's current year activities,answer the questions below:
DebitCredit Sales $250,000 Cost of goods sold $90,000 Other operating expenses 54,000 Income from operation of discontinued Division W (net  of $9,200tax ) 30,800 Extraordinary loss from hurricane damage (net of $11,000 tax benefit) 37,000 Loss from disposal of Division W (net of $15,000tax benefit) 45,000 Unusual loss on sale of equipment 12,000 Effect on prior years’ income of changing depreciation  methods (net of $4,000 tax) 13,500\begin{array}{|l|r|r|}\hline& \text {Debit}&\text {Credit}\\\hline \text { Sales } & & \$ 250,000 \\\hline \text { Cost of goods sold } & \$ 90,000 & \\\hline \text { Other operating expenses } & 54,000 & \\\hline \begin{array}{l}\text { Income from operation of discontinued Division W (net } \\\text { of } \$ 9,200 \mathrm{tax} \text { ) }\end{array} & & 30,800 \\\hline \begin{array}{l}\text { Extraordinary loss from hurricane damage (net of } \\\$ 11,000 \text { tax benefit) }\end{array} & 37,000 \\\hline \begin{array}{l}\text { Loss from disposal of Division W (net of } \$ 15,000 \mathrm{tax} \\\text { benefit) }\end{array} & 45,000 \\\hline \text { Unusual loss on sale of equipment } & 12,000 \\\hline \begin{array}{l}\text { Effect on prior years' income of changing depreciation } \\\text { methods (net of } \$ 4,000 \text { tax) }\end{array} & 13,500 \\\hline\end{array}
Compute the amounts that should be reported on the income statement as:
(1)Income from continuing operations.
(2)Income before extraordinary items and cumulative effect of changes in accounting principles.
(3)Net income.

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(1)$94,000...

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