On December 31, 2018, the end of the fiscal year, Revolutionary
Industries completed the sale of its robotics business for $13.0
million. The business segment qualifies as a component of the
entity according to GAAP. The book value of the assets of the
segment was $9.0 million. The income from operations of the segment
during 2018 was $6.0 million. Pretax income from continuing
operations for the year totaled $14.0 million. The income tax rate
is 40%.
Prepare the lower portion of the 2018 income statement beginning
with pretax income from continuing operations. Ignore EPS
disclosures. (Amounts to be deducted and negative amounts
should be indicated with a minus sign. Enter your answers in whole
dollars.)
Revolutionary Industries Partial Income statement for the year ended December 31 2018 |
|
Income from continuing operations before income taxes | 14,000,000 |
less:Income tax expense (14000000*40%) | (5,600,000) |
Income from continuing operations | 8,400,000 |
Discontinued operations | |
Income from operations of Discontinued operations | 10,000,000 |
Income tax expense (10000000*40%) | (4,000,000) |
Income from discontinued operations | 6,000,000 |
Net income | 14,400,000 |
Working :
Income from operations | 6,000,000 |
Gain from sale [13000000-9000000] | 4,000,000 |
Total Income from operations of discontinued operations | 10,000,000 |
On December 31, 2018, the end of the fiscal year, Revolutionary Industries completed the sale of...
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