Star Company expects to sell Division S next year. Division S meets the criteria to be a component unit of Star Company. At the end of this year, Star Company estimates the fair value of Division S at $320,000, and the net book value of Division S is $280,000. Based on the information, what is Star Company's pretax gain (loss) on the held-for-sale component? a. $320,000 gain b. $40,000 gain c. $40,000 loss d. $320,000 loss

The Skywalker Corporation finalized the sale of its droid manufacturing division for $9.4 million on December 31, 2024, at the close of the fiscal year. The droid manufacturing business segment qualifies as a component of the entity, according to GAAP Consider the The income from operations of the segment during 2024 was $4.2 million. Pretax income from other continuing operations for the year totaled $12.2 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

S On December 31, 2024, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $10.8 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 $7.9 million at the time of the sale. • The income from operations of the segment during 2024 was $4.9 million. • Pretax income from other continuing operations for the year totaled $12.9 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 tax expense Income…

On December 31, 2024, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $11.2 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 $8.1 million at the time of the sale. The income from operations of the segment during 2024 was $5.1 million. Pretax income from other continuing operations for the year totaled $13.1 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 $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…

On December 31, 2021, the end of the fiscal year, Revolutionary Industries completed the sale of it's robotics business for $9 million. The robotics business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $7 million. The income from opertations of the segment during 2021 was $4 million. Pretax income from continuing operations for the year totaled $12 million. The income tax rate is 25%. prepare the lower protion of the 2021 income statment beginning with income from continuing operations before income taxes. Ignore EPS disclosures.    What is the income from discontinued operations?

BBB,Inc sells its unprofitable division A at a gain of $20,000. Before the sale, division A had a net loss of $50,000 for the period. Which of the following is true? The$20,000. Before the sale, Division U had a net loss of $50,000 for the period. Which of the following is true O The $20,000 gain on sale will be disclosed in the notes to the financial statements only, with the 550 operations. The $50,000 net loss will be a part of continuing operations and the $20,000 gain on sale will be a part of discontinued operations. The $20,000 gain on sale will be a part of continuing operations and the $50,000 net loss wil be a part of discontinued operations. Both the net loss of $50,000 as well as the gain on sale of $20,000 will be included as a part of discontinued operations.

Atoms, Inc. committed to sell a division on March 22, 2022. It sold the division on June 14, 2024. Income from operating this division was $3,970,000, $1,044,000, and $336,000 in 2022, 2023 and 2024, respectively. On December 31, 2022, the carrying value of the division was $9,280,000 and the fair value was $8,580,000. On December 31, 2023, the fair value of the division was $9,330,000 and the carrying value of the division was $9,280,000. The division was sold for $9,100,000 when the carrying value was $9,280,000. Prepare the discontinued operations section of the income statement for 2022 through 2024, assuming Atoms' income tax rate is 20%. (Use parentheses or a minus sign to enter any loss amount. If an input field is not used in the table, leave the input field empty; do not select a label or enter a zero.) Income from Discontinued Operations Atoms, Inc. Partial Income Statement For the Year Ended December 31 2022 2023 2024

On December 31, 2021, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $10.0 million. The robotics business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $7.5 million. The income from operations of the segment during 2021 was $4.5 million. Pretax income from continuing operations for the year totaled $12.5 million. The income tax rate is 25%. Prepare the lower portion of the 2021 income statement beginning with income from continuing operations before income taxes. Ignore EPS disclosures. (Amounts to be deducted and negative 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 $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: