Pizza Hut is an American multinational restaurant chain and international franchise founded in 1958. For the year ending December 31, 2024, Pizza Hut had income from continuing operations before taxes of $1,380,000 before considering the following transactions and events. Please note that all of the items described below are before taxes and the amounts should be considered material. 1. In Nov 2024, Pizza Hut sold its Allnatural Alternative restaurant chain that qualified as a component of an entity. Pizza Hut had adopted a plan to sell the Allnatural Alternative chain in May 2024. The income from operations of the chain from January 1, 2024, through November was $178,000 and the loss on sale of the chain's assets was $336,000. 2. In 2024, Pizza Hut sold one of its six factories, where pizza dought is made, for $1,560,000. At the time of the sale, the factory had a book value of $1,280,000. The factory was not considered a component of the entity. 3. In 2022, Pizza Hut's accounting department omitted the annual adjustment for patent amortization expense of $138,000. The error was not discovered until December 2024. Required: Prepare Olivo's income statement, beginning with income from continuing operations before taxes, for the year ended December 31, 2024. Assume an income tax rate of 25%. Ignore EPS disclosures. Note: Amounts to be deducted should be indicated with a minus sign. OLIVO CORPORATION Partial Income Statement For the Year Ended December 31, 2024 Income from continuing operations before income taxes + Income from continuing operations Discontinued operations: Loss on discontinued operations Net income

Zugar Company is domiciled in a country whose currency is the dinar. Zugar begins 2020 with three assets: cash of 27,200 dinars, accounts receivable of 81,800 dinars, and land that cost 218,000 dinars when acquired on April 1, 2019. On January 1, 2020, Zugar has a 168,000 dinar note payable, and no other liabilities. On May 1, 2020, Zugar renders services to a customer for 138,000 dinars, which was immediately paid in cash. On June 1, 2020, Zugar incurred a 118,000 dinar operating expense, which was immediately paid in cash. No other transactions occurred during the year. Currency exchange rates for 1 dinar follow:     April 1, 2019 $0.51 = 1 dinar January 1, 2020 0.54 = 1 May 1, 2020 0.55 = 1 June 1, 2020 0.57 = 1 December 31, 2020 0.59 = 1     Assume that Zugar is a foreign subsidiary of a U.S. multinational company that uses the U.S. dollar as its reporting currency. Assume also that the dinar is the subsidiary’s functional currency. What is the translation…

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OMG is in a country which has a capital gains tax, conducted the following transactions: a. Purchased a building in February 2018 for $26,000,000. In March 2019, the company spent $2,000,000 to install solar panels for electricity in the building. The building was sold for $28,500,000 in 2021. The annual maintenance cost was $500,000. The cost of advertising the sale of the building and the legal fees amounted to $1,500,000. b. A motor vehicle was purchased for $5 million on January 1, 2018. The vehicle was sold in 2021 for $4.5 million. c. Bought an antique painting for $3.5 million in 2019. The painting was sold in 2021 for $10 million. d. Purchased a government bond for $5,000,000 in 2018 and sold it for $7,500,000 in 2021. The company is entitled to an Annual Exemption of $500,000. Capital losses as of 1 January 2021 were $1,500,000. Calculate the capital gains tax in 2021, assuming a capital gains tax of 15%.