Leigh Corp. disposed of its Knit Products Division in June of 2020 at a loss of $19,000 before tax. Prior to the sale, the Knit Products Division (considered a separate business component) reported a net loss from operations of $202,500 before tax. Leigh Corp. reported income from continuing operations of $450,000 before tax for 2020. a. Assuming an income tax rate of 25%, prepare an income statement beginning with Income from Continuing Operations. Ignore earnings per share disclosures.
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