Question

On December 31, 2021, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $9.6 million The robotics business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $7.3 million. The income from operations of the segment during 2021 was $4.3 million. Pretax income from continuing operations for the year totaled $12.3 million. The income tax rate is 25%. Prepare the lower portion of the 2021 income statement beginning with income from continuing operations before income taxes. Ignore EPS disclosures. (Amounts to be deducted and negative amounts should be indicated with a minus sign. Enter your answers in whole dollars and not in millions. For example, $4,000,000 rather than $4.) REVOLUTIONARY INDUSTRIES Partial Income Statement For the Year Ended December 31, 2021 Income from continuing operations before income taxes Income tax expense $ 12,300,000 (3,075,000) $ 9,600,000 Income from continuing operations Discontinued operations Income tax expertise Income (los) on discontinued operations Net Income (s)

Answer 1

Revolutionary Puduy tries Computation of Partial income stalimaid for dec 31, 202). Particulars Amounted) Income from Continoly operation $19,300,000 len! Income tax C12,300,000x256) C$ 3,075,000 Net in come from Continous feralis $9,225,000 income llon from dy cordindy Chemor gain on Sale of grobotic businens C$9,600,000 - $ 7,300.000) $2,300,000 en come form ofelations segment $1,500,000 $6,600,000 des? Income tox (16,600,000xa Sy) C$ 1,650,000) $4,950,000 in come from dis Continous of Net income $14,195,000 A.

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