During year 2021, Winston Ltd. obtained an income after taxes from continuing activities of $287,000 During the month of

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During year 2021, Winston Ltd. obtained an income after taxes
from continuing activities of $287,000
During the month of February 2021, the company decided to sell a
segment of activity. The segment generated losses before taxes
prior to its disposal for $16,000.
The sale of the assets of the segment implied a loss before
taxes of $40,000
In May 2021, a tornado destroyed a warehouse of the compamy causing
losses for $80,000
Finally, the accountant of the company decided to change the
depreciation method of the assets from double declining balance
tostraight line method. This implied an additional income of
$40,000
Tax rate is 25%.
1.- Prepare the income statement of the company and calculate the
net income obtained in 2021
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