On December 31, 2024, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $9 million. The robotics 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 was $7 million at the time of the sale. The income from operations of the segment during 2024 was $4 million. Pretax income from other continuing operations for the year totaled $12 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. REVOLUTIONARY INDUSTRIES Partial Income Statement For the Year Ended December 31, 2024 Income from continuing operations before income taxes ? Income from continuing operations ? Discontinued operations:

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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On December 31, 2024, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $9 million. The robotics 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 was $7 million at the time of the sale. The income from operations of the
segment during 2024 was $4 million. Pretax income from other continuing operations for the year totaled $12 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. REVOLUTIONARY INDUSTRIES Partial Income Statement For the Year Ended December 31, 2024 Income from
continuing operations before income taxes? Income from continuing operations ? Discontinued operations:
Transcribed Image Text:On December 31, 2024, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $9 million. The robotics 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 was $7 million at the time of the sale. The income from operations of the segment during 2024 was $4 million. Pretax income from other continuing operations for the year totaled $12 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. REVOLUTIONARY INDUSTRIES 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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