5.On December 31, 2024, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $15 million. The semiconductor business segment qualifies as a component of the entity according to GAAP. Consider the following additional information.The book value of the assets of the segment at the time of the sale was $12 million.The loss from operations of the segment during 2024 was $4.5 million.Pretax income from other continuing operations for the year totaled $6.6 million.The income tax rate is 25%.Prepare the lower portion of the 2024 income statement beginning with income from continuing operations before income taxes.Note: Loss 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. CALIFORNIA MICROTECH CORPORATIONPartial Income StatementFor the Year Ended December 31, 2024Income from continuing operations before income taxesIncome from continuing operationsDiscontinued operations:

Answer - Net income from continuing operations is Presented on the income statement of the Company…

Answered: 5. On December 31, 2024, the end of…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter18: Accounting For Income Taxes

Section: Chapter Questions

Problem 17E: Intraperiod Tax Allocation Wright Company reports the following information for the year ended...

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On December 31, 2024, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $15 million. The semiconductor business segment qualifies as a component of the entity according to GAAP. Consider the following additional information.

The book value of the assets of the segment at the time of the sale was $12 million.
The loss from operations of the segment during 2024 was $4.5 million.
Pretax income from other continuing operations for the year totaled $6.6 million.
The income tax rate is 25%.

Prepare the lower portion of the 2024 income statement beginning with income from continuing operations before income taxes.

Note: Loss 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.

CALIFORNIA MICROTECH CORPORATION
Partial Income Statement
For the Year Ended December 31, 2024
Income from continuing operations before income taxes
Income from continuing operations
Discontinued operations:

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