The following information relates to the Kill Devil Hills Company for the year ending December 31, 2014: 
* Of this amount $5,500 relates to extraordinary items; $4,800 relates to the pretax income from the operations of discontinued division; pretax loss on the disposal of division resulted in a tax savings of $13,350; and pretax correction of the depreciation error resulted in a tax savings of $1,500.
Required:
1) Prepare the year end journal entry necessary to record the 2014 intraperiod income tax allocation.
2) Prepare Kill Devil Hill's 2014 income statement and statement of retained earnings.
Definitions:
Intrinsic Motives
Internal drives that inspire behavior based on internal rewards, satisfaction, or personal fulfillment.
Extrinsic Motives
Motivation driven by external rewards or pressures rather than internal satisfaction or fulfillment.
Polygraph
A device that measures and records several physiological indices such as blood pressure, pulse, respiration, and skin conductivity while the person is asked and answers a series of questions.
Physiological Functioning
Refers to the normal operation of physical and biological processes in living organisms.
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