Solution:
CALIFORNIA MICROTECH CORPORATION | ||
Partial Income Statement | ||
For the Year Ended December 31,2021 | ||
Income from continuing operations before income taxes | $ 7,200,000 | |
Less: Income Tax@25% | $ (1,800,000) | |
Income from continuing operations after tax [A] | $ 5,400,000 | |
Discounted operations: | ||
Operating Loss from discontinued operations | $ 4,500,000 | |
Income tax benefit @25% | $ (1,125,000) | |
Income[loss] on discontinued operations [B] | $ (3,375,000) | |
Net Income [loss] [A-B] | $ 2,025,000 |
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