Prepare a Partial Income Statement Beginning with Income Before Income

Essay

Prepare a partial income statement beginning with income before income taxes using the following information for Stone Corporation for the fiscal year ended December 31 2017: $$\begin{array} { l r } \text { Sales } & \$ 720,000 \\\text { Discontinued operation loss } & 80,000 \\\text { Operating expenses } & 180,000 \\\text { Cost of goods sold } & 400,000 \\\text { Loss on sale of land } & 25,000\end{array}$$ Stone Corporation is subject to a 30% income tax rate.