Question -
Utech Company has income before irregular items of $364,900 for the year ended December 31, 2014. It also has the following items (before considering income taxes): (1) an extraordinary fire loss of $46,400 and (2) a gain of $29,900 from the disposal of a division. Assume all items are subject to income taxes at a 38% tax rate.
Prepare Utech Company's income statement for 2014, beginning with "Income before irregular items.