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The adjusted trial balance of Pacific Scientific Corporation on December 31, 2018, the end of the...

The adjusted trial balance of Pacific Scientific Corporation on December 31, 2018, the end of the company’s fiscal year, contained the following income statement items ($ in millions): sales revenue, $2,170; cost of goods sold, $1,380; selling expenses, $185; general and administrative expenses, $175; interest expense, $50; and gain on sale of investments, $80. Income tax expense has not yet been recorded. The income tax rate is 35%.

Prepare a multiple-step income statement for 2018. Ignore EPS disclosures. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)
  

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Answer #1

Income Tax expense = 460 x 35% = 161

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