On December 31, 2024, 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. Consider the following additional information. • The book value of the assets of the segment was $7.3 million at the time of the sale. . The income from operations of the segment during 2024 was $4.3 million. • Pretax income from other continuing operations for the year totaled $12.3 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. 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 0

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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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 $9.6 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 $7.3 million at the time of the sale.
. The income from operations of the segment during 2024 was $4.3 million.
• Pretax income from other continuing operations for the year totaled $12.3 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.
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
10
Transcribed Image Text:On December 31, 2024, 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. Consider the following additional information • The book value of the assets of the segment was $7.3 million at the time of the sale. . The income from operations of the segment during 2024 was $4.3 million. • Pretax income from other continuing operations for the year totaled $12.3 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. 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 10
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