On December 31, 2024, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $12.4 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 $8.7 million at the time of the sale. • The income from operations of the segment during 2024 was $5.7 million. • Pretax income from other continuing operations for the year totaled $13.7 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.

On December 31, 2024, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $12.4 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 $8.7 million at the time of the sale. • The income from operations of the segment during 2024 was $5.7 million. • Pretax income from other continuing operations for the year totaled $13.7 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.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 76APSA

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