On december 31 2016 the end of the fiscal year california, Ask an Expert

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On December 31, 2016, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $7 million. The business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $8 million. The loss from operations of the segment during 2016 was $3.6 million. Pretax income from continuing operations for the year totaled $5.8 million. The income tax rate is 30%.

Prepare the lower portion of the 2016 income statement beginning with pretax income from continuing operations. Ignore EPS disclosures.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91525781

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